OPEC Sees Weaker Outlook as It Keeps Lid on Supply
- Group cuts second-quarter crude demand estimate by 690,000 b/d
- Markets set to recover in second half as virus impact recedes
Photographer: Chanin Wardkhian/Moment RF/Getty Images
This article is for subscribers only.
OPEC downgraded the outlook for demand for its crude over the next two quarters, in keeping with the group’s plans to keep a tight rein on supply.
The Organization of Petroleum Exporting Countries trimmed estimates for the amount of crude it will need to pump in the second quarter by 690,000 barrels a day, amid a weaker picture for demand and stronger growth in rival supply.