OPEC sticks to demand-drop forecast
The latest numbers from the monthly OPEC report
- Left 2020 demand forecast at -9.1 mbpd
- Says Q2 demand was down 17.3 mbpd
- OPEC output fell 6.3mbpd in May based on secondary sources
OPEC's Joint Ministerial Monitoring Committee meets this week to assess supply-demand balances. So far they haven't adopted the reopening optimism but noted that higher prices are "suggesting that the supply-demand fundamentals are gradually improving."
WTI crude was volatile yesterday and has ticked lower today, down 55-cents to $37.84.