The Organization of the Petroleum Exporting Countries (OPEC) released the August Crude Oil Market Report, adjusting the growth rate of global crude oil demand in 2020 from a drop of 8.95 million barrels per day to a drop of 9.06 million barrels per day. The global crude oil demand in 2020 is expected to be 90.63 million barrels per day. Japan, a decrease of 9.09% from 2019. Global crude oil demand is expected to grow at 7 million barrels per day in 2021, which is the same as before. Global crude oil demand is expected to be 97.63 million barrels per day in 2021, an increase of 7.72% over 2020.
Due to the further negative impact of the COVID-19 pandemic, the report predicts that the global economy will decline by 4% in 2020, exceeding the 3.7% drop expected last month. The report pointed out that there is still a lot of uncertainty in the future, because the market is worried about the second wave of COVID0-19 infection and global inventory increase, oil prices will continue to fluctuate in the second half of the year.
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