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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

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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