OPEC revised down by another 400,000 bpd its forecast for global oil demand this year, expecting consumption to shrink by 9.5 million bpd over 2019, cutting forecasts for the second month in a row as risks with the pandemic and economic activity remains skewed to the downside. In its Monthly Oil Market Report (MOMR) published on Monday, OPEC said that it expects global oil demand to average 90.2 million bpd this year, down by 9.5 million bpd compared to 2019. In last month’s report, OPEC expected the world’s oil demand to drop by 9.1 million bpd in 2020, which was also a larger demand loss than the cartel had previously expected. In today’s report, the cartel said that “risks remain elevated and skewed to the downside, particularly in relation to the development of COVID-19 infection cases and potential vaccines. Furthermore, the speed of recovery in economic activities and oil […]