OPEC anticipates a historic drop in oil demand

For the African members of the Organization of Petroleum Exporting Countries (OPEC) – Algeria, Angola, Congo, Equatorial Guinea, Gabon, Nigeria and Libya – who were expecting a further rise in oil prices, the news is a cold shower. Published this Thursday, April 16, the latest OPEC forecasts anticipate world consumption in 2020 of 92.82 million barrels per day (mbd), an « unprecedented » drop of about 6.85 mbd compared to 2019, due to the paralysis affecting the world economy. This will be the first annual decline in global oil consumption since the financial crisis of 2009.