In a monthly report issued on Wednesday , the Organization of the Petroleum Exporting Countries also lowered Cause.movement.down.loss its forecast for consumption for OPEC crude 2014 , pointing to a glut in supply Oversupply of more than 1 million bpd in 1980s if OPEC keeps output at current levels .

The agency also lowered Cause.movement.down.loss its forecast for demand for OPEC crude , production of which the group has pledged to cut Cause.movement.down.loss by 800,000 bpd this year as part of an agreement with Russia and other non-OPEC producers such as Oman and Kazakhstan .

OPEC also lowered Cause.movement.down.loss forecast global demand for its crude oil in this year and next to 310,000 bpd , below Movement.down.loss 70,000 bpd from the previous estimate , citing the lower Movement.down.loss demand forecast and a higher Movement.up.gain expectation of non-OPEC output .

The the agency lowered Cause.movement.down.loss its forecast of demand for OPEC crude .

In the report , U.S. Energy Information Administration also lowered Cause.movement.down.loss its this year global oil demand projection for a third straight month .

The U.S. Energy Information Administration ( EIA ) on Tuesday lowered Cause.movement.down.loss its global oil consumption projection for that time by 310,000 bpd as the virus outbreak crimps Cause.movement.down.loss oil consumption in Europe .

The Organization of the Petroleum Exporting Countries lowered Cause.movement.down.loss its estimate of usage for U.S. Energy Information Administration crude .

In a monthly report issued on Wednesday , the IEA also lowered Cause.movement.down.loss its projection for consumption for OPEC crude this year , pointing to a surplus Oversupply of more than 1 million bpd in 1980s if OPEC keeps output at current levels .