OPEC cuts oil demand view again as market faces 'historic shock' - Reuters

OPEC cuts oil demand view again as market faces 'historic shock' - Reuters:

OPEC on Thursday again cut its forecast for 2020 global oil demand due to the “historic shock” delivered by the coronavirus outbreak, and said the reduction may not be the last.

The Organization of the Petroleum Exporting Countries now expects global demand to contract by 6.9 million barrels per day, or 6.9%, in 2020, it said in a monthly report. Last month, OPEC expected a small increase in demand of 60,000 bpd.

“The oil market is currently undergoing historic shock that is abrupt, extreme and at global scale,” OPEC said in the report.

“Downward risks remain significant, suggesting the possibility of further adjustments, especially in the second quarter,” OPEC said of the demand forecast.