"Risks remain elevated and skewed to the downside, particularly in relation to the development of COVID-19 infection cases and potential vaccines," said the Organization of the Petroleum Exporting Countries, in its monthly report released on Monday.
SINGAPORE/LONDON/NEW YORK: Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic's ongoing assault on the global economy.
The novel coronavirus hammered fuel demand in the spring, causing consumption to drop by more than one-third as billions of people worldwide restricted their movements. Consumption rebounded in the summer, but some countries where infections were under control are seeing a resurgence in the deadly virus, sparking waves of lockdowns that could hamper the recovery.
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