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OPEC sees demand for its crude dropping to lowest in 30 years

The coronavirus outbreak has dampened oil demand, potentially reducing it to a level not seen since 1989, says OPEC.

Photo: Sergei Karpukhin/Reuters/Ritzau Scanpix

OPEC expects demand for its crude will fall to the lowest in three decades as the coronavirus outbreak freezes the global economy, underscoring the urgency of its promised production cuts.

Just under 20 million barrels a day will be needed on average from the Organization of Petroleum Exporting Countries in the second quarter, according to a monthly report from the group. It hasn’t pumped this little crude since early 1989.

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