RE: Brent sliding9 Apr 2020 19:26
Delivering the opening statement at the Organization of the Petroleum Exporting Countries' (OPEC) videoconference on Thursday, Secretary-General Mohammed Barkindo asserted that the expected global oil demand contraction will amount to 12 million barrels per day (bpd), which will be "staggering" and "unprecedented in modern times."
Oil demand will decrease by 6.8 million bpd for the entire 2020, Barkindo revealed, while noting that, in March, estimations were that it would rise by 0.1 million bpd. Also in the previous month, the "expected 2020 global GDP growth was 2.4%," while "today, it is a negative 1.1%," he added.
"There could be a colossal excess volume of 14.7 million bpd in the second trimester," Barkindo warned, urging all oil producers present at the OPEC videoconference today to "help this vital global industry survive."