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OPEC has cut its oil demand expectations for 2020 again due to the ongoing COVID-19 pandemic.
The organization estimates that oil consumption will settle around 90.2 million BOPD for the year. This is a decrease of 400,000 BOPD from its August update.
Additionally, it's a decrease of 10% (or 9.5 million BOPD) compared to 2019's demand average.
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Forecast - OIl Demand
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