OPEC estimates world economy will keep growing by 2020

The report on the crude oil market indicates that the growth in world daily oil demand is forecast at 1.14 million barrels for two years. The organization estimates a strong seasonal demand for the second half of this year, as evidenced by recent withdrawals in the US crude reserves.

The OPEC document states that the block’s supply has been revised downwards in its latest report, mainly due to the extension of the voluntary production adjustments by participating countries of the Declaration of Cooperation.

Similarly, Saudi Arabia is expected to maintain its crude oil production below 10 million barrels per day in August with an average of less than seven million barrels of foreign sales to avoid any excess accumulation in the existence of fuel.

The institution specified that the reduction of production by Saudi Arabia responds to the voluntary commitments reaffirmed by the 14 member countries and 10 other producer nations not belonging to the organization such as Mexico and Russia.

L.Sáenz

Source: Banca & Negocios