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OPEC expects lower demand for its oil as U.S. hits new milestone

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01/15/2020 | 07:41am EST
The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna

OPEC expects lower demand for its crude oil in 2020 even as global demand rises, it said on Wednesday, as rival producers grab market share and the United States sets another output record.

The United States, which has seen its output soar in recent years on the back of a shale revolution, will see total liquids output exceed a 20 million barrel per day (bpd) milestone for the first time, the Organization of the Petroleum Exporting Countries said in its market report.

U.S. liquids output will reach 20.21 million bpd in the fourth quarter of 2020 - almost meeting U.S. demand of 21.34 million bpd, it said.

By Dmitry Zhdannikov

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -2.22% 60.66 Delayed Quote.-6.00%
REVOLUTION CO.,LTD. -14.00% 43 End-of-day quote.10.26%
WTI -2.52% 54.24 Delayed Quote.-9.29%
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