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May 13, 2020

OPEC reports shows production doubles expected demand

By Matthew Farmer

The Organisation of Petroleum Exporting Countries (OPEC) has revised downwards its expectation of the world’s oil consumption this year.

In its monthly report on the state of oil markets, it said demand for Q2 2020 would be 16.77 million barrels per day. This is around half of the 30.41 millions pumped on an average day in April.

Earlier today, Saudi Arabia made a joint statement with Russian officials, saying the countries had faith in the recovery of oil.

Earlier this week, Saudi Arabia, United Arab Emirates and Kuwait cut their production levels, on top of cuts already agreed as part of OPEC.

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