A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture. – REUTERSPIXWorld oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year's recovery, Opec forecast today, potentially making it harder for the group and its allies to support the market.
"Crude and product price developments in the second half of 2020 will continue to be impacted by concerns over a second wave of infections and higher global stocks," Opec said in the report. Oil stocks have built up due to the demand collapse. Opec said inventories in developed nations rose in June to stand 291.2 million barrels above the five-year average, a yardstick that Opec before the pandemic saw as a desirable level.
In the report, Opec said its output rose by 980,000 bpd to 23.17 million bpd in July, largely because Saudi Arabia and other Gulf members ended extra voluntary cuts they had made in June. That amounted to 97% compliance with the pledges, according to a Reuters calculation, lower than June's figure of well above 100%.
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