The OPEC monthly report
- Sees 20202 world oil demand falling by 9.47 mbpd vs 9.46 mbpd prior
- Sees 2021 demand rising by 6.54 mbpd vs 6.62 mbpd prior
- Near-term market environment is expected to remain relatively weak due to large overhand in middle distillates stocks
These are small downgrades but every month it seems it's another cut in the demand forecast. The UAE oil minister was out a short time ago saying the plan is still for OPEC+ to taper cuts early in 2021.
