Saudi Arabia and Nigeria have reiterated their firm commitment to the Organisation of Petroleum Export Countries and its allies known as OPEC+ agreement. In the case of Iran, exports fell from 60.519 billion dollars in 2018 to almost 19.233 billion in 2019, a 68 percent decline, the survey noted.
OPEC Secretary-General Mohammed Barkindo said: "If we had not acted in such a decisive way, the market would have been in danger of a near-total collapse".
Slumping demand for oil has proved hugely costly for Saudi Arabia, which largely depends on oil to fund its state.
"The demand for oil, though has picked up, is unlikely to sustain for long if COVID-19 pandemic further expands its grip across economies and impacts demand".
The Joint Ministerial Monitoring Committee (JMMC) will consider whether the 23-nation alliance should maintain 9.6 million barrels of daily output off the market for another month, or restore some supplies as originally planned, tapering the cutback to 7.7 million barrels.
"Strong Chinese imports and the strategic stockpiling are playing a critical role in facilitating the rebalance, but regional refinery margins, which have turned markedly lower are slowing runs from teapot refineries".
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Global oil demand for 2020 meanwhile is expected to decline by 8.9m bpd, after Opec revised its earlier estimate up by 100,000 bpd.
The Organization of Petroleum Exporting Countries forecasts the need for its crude will surge by 25% in 2021 to average 29.8 million barrels a day, higher than the level required in 2019, according to a monthly report.
However, Citi analysts said the looming supply increase could weigh on prices given demand uncertainties.
Patel expects oil prices to trade sideways to down for the day with support at $38 and resistance at $41. OPEC has chose to revise its previous demand outlook by 0.1 million barrels per day (bpd) to a decline of 8.9 million bpd. The International Energy Agency said in a report Friday that fuel demand should rebound sharply over the next three months as economic activity resumes, while warning the virus is "casting a shadow over the outlook".
Iraq, Opec's biggest producer after Saudi Arabia, implemented nearly 90% of its pledged supply curbs in June and will reach full compliance at the beginning of August, it said in the statement.
Brent oil futures dropped 0.74% to $42.92 by 11:58 PM ET (4:58 AM GMT) while WTI futures slid 0.81% to $40.22.