OPEC Report.pdf

Spot crude oil prices rose for the third consecutive month, with the OPEC Reference Basket averaging $43.42/b in July, up $6.37 from the previous month.
World Economy: Global economic growth forecast for 2020 revised down to -4.0%, with a recovery forecast of 4.7% in 2021.
World Oil Demand: Global oil demand growth forecast to decline by 9.1 mb/d in 2020, with a forecast growth of 7.0 mb/d in 2021.
World Oil Supply: Non-OPEC liquids production growth forecast revised up by 235 tb/d, with a decline of 3.03 mb/d expected in 2020, and growth of 0.98 mb/d forecast in 2021.
OPEC Crude Oil Production: Increased by 0.98 mb/d in July to average 23.17 mb/d, according to secondary sources.
Product Markets and Refining Operations: Global refinery margins trended upwards, with improvements registered across almost the entire barrel, and Asian refining margins returning to positive territory.
Tanker Market: No significant changes reported.
Commercial Stock Movements: No significant changes reported.
Balance of Supply and Demand: The forecast assumes that COVID-19 will largely be contained globally, with no further major disruptions to the global economy.