OPEC cuts 2020 global oil demand growth forecast by 60,000 bpd amid economic slowdown

OPEC in its monthly report on Wednesday announced that it cut its forecast for 2020 global oil demand growth by 60,000 barrels per day to 1.08 million barrels per day amid a global economic slowdown.

With the initial market reaction, the barrel of West Texas Intermediate erased a large portion of its daily gains and was last seen trading at $57.95, still adding 0.2% on the day. Below are some additional key takeaways from the publication as reported by Reuters.

"Strong growth in non-OPEC supply in 2019-2020 highlights need for producers to support market stability to avoid potential oversupply."

"August  oil output rose by 136,000 bpd m/m to 29.74 mbpd led by Saudi boost."

"Forecasts 2020  demand for its crude averaging 29.40 mbpd,  steady from previous forecast 0f 29.41 mbpd, on lower non-OPEC supply view."

"OECD oil inventories fell in July and stood 36 million barrels above latest 5-year average – the level originally targeted by supply cut deal."