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OPEC Cuts Demand Estimate for Its Crude Again Amid New Lockdowns

  • Forecast for oil needed in 4Q reduced by 960,000 barrels a day
  • Pandemic effects to ‘linger’ in 2021 even with a virus vaccine
OPEC reduced forecasts for the volume of crude it needs to pump this quarter by 960,000 barrels a day.

OPEC reduced forecasts for the volume of crude it needs to pump this quarter by 960,000 barrels a day.

Source: Bloomberg

OPEC once again cut estimates for the amount of crude it will need to provide in the coming year as the return of measures to contain the global pandemic hits fuel use.

The revision illustrates why the group’s de facto leader Saudi Arabia has said that the Organization of Petroleum Exporting Countries and its allies may adjust plans to restore supply when they meet later this month. The virus’s effects will “linger” next year even with the announcement of a vaccine breakthrough, the group said.