Opec sees gradual oil demand recovery in second half of year

LONDON: Opec on Wednesday forecast a gradual recovery in oil demand that has been hammered by the coronavirus crisis and said record supply cuts by the group and other producers were already helping rebalance the market.

In a monthly report, the Organization of the Petroleum Exporting Countries said world oil demand would decline by 6.4 million barrels per day (bpd) in the second half of 2020, a less severe drop than the 11.9 million bpd fall in the first six months.

“A gradual recovery (is) projected until the end of 2020,” Opec said in the report.

Opec did not further cut its 2020 oil demand forecast in the report.