Name: OPEC sees even slower oil demand recovery
Uploaded: 2020-11-11T18:15:42.000Z
Duration: 1 min 8 s
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OPEC says oil demand will recover even more slowly in 2021 than it previously thought.

The Crude producers Group now sees demand rising next year by 6.25 million barrels per day.

That is 300,000 less than it predicted a month ago.

The group says recent moves to put Europe back into lock down would impact demand for the rest of this year, with a lingering impact well after it sees demand for Transportacion and industrial uses, both staying week to tackle this year's collapse in demand.

OPEC and its allies have made record cuts to production.

Output fell as much as 10% in the spring.

Now, the glum outlook could put in question plans to increase production again next year.

This week's news on possible vaccines has, however, offered a ray of hope for exporters.

 International benchmark prices hit two month highs around $45 a barrel on Wednesday on hopes of an economic revival. 