OPEC Feb 13 4:16 AM due to lower infection forecast for crude oil demand
OPEC, an oil-producing country made by oil-producing countries, has lowered its forecast of crude oil demand on Tuesday after the spread of the new coronavirus.
OPEC had estimated the demand for Kotoko crude oil at mid-last month at 110.98 million barrels per day worldwide.
However, as the spread of the new coronavirus is expected to stagnate economic activities such as the suspension of operations in factories, especially in China, the downward revision has been made to 177.3 million barrels, a decrease of 250,000 barrels.
In the international crude oil market, crude oil prices have been declining in anticipation of falling demand, and gasoline prices in Japan have also started to decline.
But oil-producing nations that rely on crude oil for national revenues are feeling a sense of crisis, and OPEC, led by Saudi Arabia, is considering additional cuts with major non-member oil-producing nations, such as Russia, in an effort to halt falling oil prices. .