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OPEC on Wednesday cut its forecast for global growth in oil demand this year due to the coronavirus outbreak and said its output fell sharply in January as producers implemented a new supply-limiting pact.
World oil demand is expected to rise by 990,000 barrels per day (bpd) this year, the Organization of the Petroleum Exporting Countries said in a monthly report, a cut of 230,000 bpd from its previous forecast.
OPEC, Russia and other producers, a group known as OPEC+, have since Jan. 1 implemented a deal to cut output by 1.7 million bpd to support the market.
In January, OPEC over-delivered on its cuts, lowering supply by 509,000 bpd to 28.86 million bpd according to secondary sources cited in the report, due to involuntary losses in Libya as well as deliberate cuts.
