As supply recovers, OPEC revises down projections of global oil demand

In its latest oil market forecast, issued on September 14, OPEC slashed its projection of global demand by 400,000 b/d for 2020 and by 770,000 b/d for 2021. The supply side continues to increase above OPEC’s previous forecasts, since coordinated production cuts of OPEC+ members have relaxed in August.