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OPEC had earlier projected global oil demand to fall by 10 percent this year to average 90 million barrels per day (bpd). However, the oil cartel expected that demand would recover to almost 95 million bpd over the northern hemisphere winter.
“The pressure that we are seeing on oil will be a real concern for OPEC+, particularly with Brent now well below $40 a barrel,” said Warren Patterson, head of commodities strategy at ING, quoted by the Financial Times. “Another key uncertainty for the market is the US presidential election … and the consequences this could have on oil,” he added.
Rystad Energy estimates that France and Germany, which usually together consume about four million bpd, could cut their joint consumption by an additional 1.7 million bpd next month.
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