• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 1 hour Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 16 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 22 hours Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 2 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 19 hours "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 12 hours Storage of gas cylinders
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Will Saudi Arabia Ditch The U.S. For Russia And China?

Will Saudi Arabia Ditch The U.S. For Russia And China?

Russia’s suggestion to Saudi Arabia…

OPEC: Global Oil Demand To Drop By 6.4 Million Bpd In Second Half 2020

Global oil demand will start to recover in the second half of the year from the crash in the second quarter, but it will still be down by 6.4 million bpd in H2 from year-ago levels as demand for fuels will continue to be constrained by the coronavirus pandemic and the measures to contain it, OPEC said in its Monthly Oil Market Report (MOMR) on Wednesday. 

 

According to the cartel, the loss in global oil demand will slow to 6.4 million bpd in the second half of the year, compared to an estimated decline of 11.9 million bpd in the first half of the year.  

 

OPEC left its full-year 2020 global oil demand projection unchanged at a decline of 9.1 million bpd.  

 

“Transportation fuels are forecast to remain under pressure in 2H20, despite ongoing easing in lockdown measures. Aviation fuel is expected to continue facing challenges, as national and international flights are anticipated to only slowly recover, while teleworking/teleconferencing restricting business travel,” OPEC said.

 

In addition, gasoline consumption will also suffer because of the high unemployment rate in the United States and reduced commuting, while industrial fuels will be impacted by weaker manufacturing around the world, the cartel said.

 

OPEC now sees demand for its crude at 23.6 million bpd this year, revised down by 700,000 bpd from the previous month’s estimates. This year’s demand for OPEC crude is expected to be down by 5.8 million bpd compared to 2019.

 

OPEC’s crude oil production in May was higher than the cartel’s expectations for demand for its crude—at 24.19 million bpd, OPEC’s crude oil production dropped by 6.3 million bpd from April, as per OPEC’s secondary sources.

 

Saudi Arabia slashed in May its production to the required 8.5 million bpd quota, and so did its key Gulf partners Kuwait and the United Arab Emirates (UAE), while Iraq, while cutting production by 340,000 bpd to 4.165 million bpd, was still way off the mark.  

 

By Tsvetana Paraskova for Oilprice.com


More Top Reads From Oilprice.com:

 



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News