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OPEC’s View of Oil Market Darkens While Gulf States Cut Deeper

  • Demand forecast for OPEC crude in 2Q cut by 3 million b/d
  • Group predicts extra Gulf cuts will speed up re-balancing
    
Photographer: Ali Mohammadi/Bloomberg

OPEC presented a bleaker assessment of global oil markets for the second quarter as the coronavirus crisis continues to drain demand, days after some of the cartel’s biggest producers pledged to make even deeper production cutbacks.

The Organization of Petroleum Exporting Countries cut estimates for the amount of crude it will need to supply over the three-month period by just under 3 million barrels a day, or about 15%, in a report published on Wednesday.