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In its monthly report, OPEC expected lower oil demands in 2020 with a 1.34 million bpd drop from this year to be at 29.27 million bpd from the 14 member-states. The drop of oil demands from OPEC members was linked to the increase of oil supply from non-OPEC oil producers, mainly the U.S. This forecast will probably give the U.S. more room to keep sanctions on OPEC members, Iran and Venezuela.

OPEC Forecasts Lower Demand in 2020

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In its monthly report, OPEC expected lower oil demands in 2020 with a 1.34 million bpd drop from this year to be at 29.27 million bpd from the 14 member-states.

The drop of oil demands from OPEC members was linked to the increase of oil supply from non-OPEC oil producers, mainly the U.S.

This forecast will probably give the U.S. more room to keep sanctions on OPEC members, Iran and Venezuela.

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