OPEC: reduced oil demand

FIBO_Group

Master Trader
Jun 20, 2016
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www.fibogroup.com
- The OPEC monthly review published yesterday provides a forecast of oil demand this year. According to OPEC estimates, in the 1st quarter, demand fell by 6.75 million bpd. In the 2nd quarter, a collapse in demand is forecasted for another 6.22 million bps.
OPEC predicts the beginning of demand recovery in the 3rd quarter and the preservation of positive dynamics in the 4th quarter.
Generally the demand is forecasted to decrease by 6.85 million bpd.
- About the same data was published the day before by the International Energy Agency. According to the IEA, oil demand in April 2020 will fall by a record 29 million b/s, in May - by 26 million b/s, and in June - by 15 million b/s.
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In the next 2-3 weeks, oil prices will remain under pressure. The oil market will be supported by news about quarantine removal in countries with high oil consumption and other verbal interventions that will continue to be received in the media from officials of oil-producing countries.
Within the framework of the current year, the OPEC++ transaction will not be able to stabilize the oil market immediately and the effectiveness of the transaction will become noticeable only in the second half of 2020.
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