OPEC says coronavirus to trim 2020 oil demand as it weighs deeper cut

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FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo

OPEC on Wednesday cut its forecast for global growth in oil demand this year due to the coronavirus outbreak and said its output fell sharply in January as producers implemented a new supply-limiting pact.

In a monthly report, OPEC said 2020 demand for its crude will average 29.30 million barrels per day (bpd), 200,000 bpd less than previously thought.

OPEC pumped less oil in January than the average 2020 requirement, due to planned cuts and involuntary losses.

Read more : Reuters

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