OPEC lowers 2020 global oil demand growth outlook by 230,000 bpd due to coronavirus

The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for 2020 global oil demand for its crude oil by 200,000 barrels per day (bpd) to 29.3 million (bpd), the organization's latest monthly report showed on Thursday.

OPEC also cut the 2020 oil demand growth outlook by 230,000 bpd to 0.99 million bpd due to the coronavirus outbreak's impact on the Chinese demand. "The coronavirus outbreak adds to uncertainties for the oil market in 2020," OPEC said in its publication and noted that they need "continuous monitoring."

WTI reaction

The barrel of West Texas Intermediate edged lower from its daily highs slightly with the initial reaction and was last seen trading at $50.70, up 1.55% on the day.