OPEC sees oil demand falling

OPEC in its monthly report said that demand for crude oil would drop to 20 million barrels per day in April, about one-fifth of previous demand.

OPEC says it sees further weak crude oil demand as the coronavirus pandemic continues.

OPEC now expects global demand to contract by 6.9 million barrels per day, or 6.9 per cent, in 2020, it said in its report. Last month, OPEC expected a small increase in demand of 60,000 bpd.

"The oil market is currently undergoing historic shock that is abrupt, extreme and at global scale. Downward risks remain significant, suggesting the possibility of further adjustments, especially in the second quarter,” OPEC said in its report.