Persistent damage to the global economy from the coronavirus pandemic will hollow out demand for oil more than previously thought, major industry figures said on Monday. OPEC said in its monthly report that world oil demand would fall by 9.46 million barrels per day (bpd) this year, a decline sharper by 400,000 bpd than predicted in August. The producer club bumped up its forecast slightly for developed countries, but cut its outlook for Asian countries beyond China “on the back of a slowdown in economic activity due to the rising COVID-19 infection cases”. …read more
Source:: Yahoo Finance
