OPEC Raises 2020 Global Oil Demand Growth Estimate

Healthier global economic growth in 2020 is expected to lead to higher oil demand growth this year, OPEC said in its closely-watched Monthly Oil Market Report (MOMR) on Wednesday. OPEC raised its 2020 economic growth forecast by 0.1 percentage point to 3.1 percent.   As a result of the improved economic outlook for this year, the cartel revised up its forecast for the 2020 global oil demand growth by 140,000 barrels per day (bpd) to 1.22 million bpd.    Oil demand growth in developed economies will be just 90,000 bpd this year, thanks…