OPEC Cuts Demand Forecast Before Meeting to Review Supply Hike
- Group curbs first-quarter outlook by 1 million barrels a day
- OPEC+ to consider further supply increases at Jan. 4 meeting
Oil pumping jacks, also known as "nodding donkeys"in a Rosneft Oil Co. oilfield near Sokolovka village, in the Udmurt Republic, Russia, on Friday, Nov. 20, 2020.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
OPEC cut forecasts for oil demand again as the group and its allies prepare to weigh up whether they can continue gradually restoring halted supplies.
The Organization of Petroleum Exporting Countries reduced projections for global fuel consumption in the first quarter of 2021 by 1 million barrels a day, it said in a monthly report. Demand will increase by just 500,000 barrels from that quarter -- the same amount the cartel and its partners agreed they’ll add in January.