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The Organization of the Petroleum Exporting Countries (OPEC) has again lowered its forecast for global oil demand in 2020, Reuters reported referring to to the September OPEC.

In August, OPEC expected a decrease in demand in 2020 by 9.06 million barrels per day to 90.63 million barrels per day. The demand forecast was downgraded due to a weaker-than-expected recovery in consumption in Asia, mostly in India.

OPEC predicts that in 2021 world oil demand will grow by 6.62 million barrels per day to 96.86 million barrels per day. In August, the cartel expected demand to rise by 7 million barrels per day to 97.63 million barrels per day. In addition to the further possible negative impact on the market amid the COVID-19 pandemic, OPEC in its forecast for 2021 takes into account the risk of a slowdown in the recovery of demand in Asia.

OPEC has reduced expectations for oil demand in the third quarter of this year to 91.45 million barrels per day from previous estimates of 92.10 million barrels per day, in the fourth - to 95.08 million barrels per day from 95.83 million barrels per day.

On average, in 2019, global oil demand was 99.69 million barrels per day. OPEC expects that non-OPEC countries' liquid hydrocarbon production in 2020 will fall by 2.7 million barrels per day in annual terms to 62.5 million barrels per day.

The current forecast was revised upward by 0.36 million barrels per day on the back of faster-than-expected growth in US production in June when the country added 1 million barrels per day in liquid hydrocarbons production compared to the previous month. In addition to the United States, recovery of raw materials production is taking place in Canada and Latin America, OPEC said. OPEC does not provide a forecast for its oil production in 2020 but notes that in August, production of 13 cartel member states increased by 0.76 million barrels per day compared to July to 24.05 million barrels per day. The main growth was in Saudi Arabia, UAE, Kuwait, Algeria, and Angola. In 2019, the OPEC cartel produced 29.34 million barrels per day, according to the results of the first quarter of this year - 28.28 million barrels per day, in the second quarter - 25.61 million barrels per day, follows from the organization's data.

Meanwhile, OPEC predicts a drop in oil and gas condensate production in Russia in 2020 by 1.1 million barrels per day compared to 2019 to 10.3 million barrels per day.

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