[ad_1]
Recalling that OPEC set its forecast for global economic growth for this year at 2.4 percent at its last meeting in Vienna, Austria on March 6, Barkindo stated that the global economy is expected to contract by 1.1 percent this year.
Noting that world oil demand has been revised from 100,000 barrels per day to 6.8 million barrels for this year, Barkindo stated that world oil demand is expected to decrease 12 million barrels per day in the second quarter.
Noting that 12.7 million barrels of surplus could be formed in the second quarter of the year, Barkindo said that the capacity of global oil stocks could be filled in May.
Recalling that $ 1 trillion investment in the oil market melted in the period of low oil prices between 2014 and 2016, Barkindo stated that producing countries also experienced revenue losses of trillions of dollars.
Claiming that global oil consumption fell 15 percent this quarter, Barkindo called on OPEC and non-OPEC countries to act together against market conditions.
[ad_2]
