Nigeria, others expect oil market to recover in H2 2020

Nigeria and other members of the Organisation of Petroleum Exporting Countries have said the global oil market will recover in the second half of this year.

OPEC said on Wednesday that world oil demand was anticipated to decline by 6.4 million barrels per day in the second half, compared with a decline of 11.9 million bpd in the first half, with a gradual recovery projected until the end of 2020.

“Following an unprecedented and highly turbulent 1H20 due to the enormous impact of COVID-19 on the global economy and oil market fundamentals, the dust is starting to settle,” the group said in its June monthly oil market report.

It said available first quarter of 2020 and Q12020 economic data showed that the major declines in output were mostly due to the severe lockdown measures across the globe.

Source: Punch

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