January 15, 2020 / 12:43 PM / 5 days ago

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

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger

LONDON (Reuters) - 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.

Reporting by Dmitry Zhdannikov; editing by Jason Neely

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