The Organization of the Petroleum Exporting Countries (OPEC) released on Tuesday its Monthly Oil Market Report, noting that crude prices settled in September "significantly lower" compared to the previous month, APA reports citing Teletrader.
The world oil demand assessment remained unchanged, the OPEC said, and is expected to annually drop by 9.5 million barrels per day to land at 90.3 million barrels per day. Meanwhile, the world oil supply forecast has been slightly improved, but majorly due to production recovery from earlier this year.
The preliminary data showed that crude imports in the United States went down to 4.2 million barrels per day on average in September, the lowest level since 1992. "Almost all products in the US have seen stark declines in demand, on account of the rampant spread of COVID-19, mainly in gasoline, distillates and jet fuel," the report stated. As more people continue to work from home, the OPEC concluded that heating oil consumption in the US will increase.