An oil pumpjack is seen in La Canada de Urdaneta, Venezuela October 1, 2019. — Reuters pic
The Organization of the Petroleum Exporting Countries now expects global demand to contract by 6.9 million barrels per day, or 6.9 per cent, in 2020, it said in a monthly report. Last month, Opec expected a small increase in demand of 60,000 bpd. “Downward risks remain significant, suggesting the possibility of further adjustments, especially in the second quarter,” Opec said of the demand forecast.
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