Covid-19: Opec sees weaker outlook as demand falters, shale recovers

Oil prices slipped further below $40 a barrel in London on Monday, close to their lowest in more than two months

The Organization of Petroleum Exporting Countries (Opec) downgraded its outlook for the global oil market a few days before ministers meet, amid faltering demand and signs of a recovery in supply from US shale drillers.

The figures raise questions about the group’s decision to ease production cuts last month. The Opec added 760,000 barrels a day to global markets in August, just as its analysts were revising down demand for its crude by more than 1 million barrels a day. 

Opec and its allies will hold an online monitoring meeting on Thursday to assess whether the vast production curbs they’ve been making