Healthier global economic growth in 2020 is expected to lead to higher oil demand growth this year, OPEC said in its closely-watched Monthly Oil Market Report (MOMR) on Wednesday. OPEC raised its 2020 economic growth forecast by 0.1 percentage point to 3.1 percent. As a result of the improved economic outlook for this year, the cartel revised up its forecast for the 2020 global oil demand growth by 140,000 barrels per day (bpd) to 1.22 million bpd. Oil demand growth in developed economies will be just 90,000 bpd this year, thanks to mature economies in America, but the bulk of global oil demand growth will come from developing Asian economies, particularly India and China, OPEC said. Oil demand growth in non-OECD countries will be 1.13 million bpd this year. “The low interest rate environment is likely to support economic growth expected at 3.1% in 2020. Moreover, some additional support […]