By Grant Smith | Reuters | London |
Topics Coronavirus | oil market | Crude Oil Prices
The Organization of Petroleum Exporting Countries (Opec) downgraded its outlook for the global oil market a few days before ministers meet, amid faltering demand and signs of a recovery in supply from US shale drillers.
The figures raise questions about the group’s decision to ease production cuts last month.
The Opec added 760,000 barrels a day to global markets in August, just as its analysts were revising down demand for its crude by more than 1 million barrels a day. Opec and its allies will hold an online monitoring.
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