On February 12, Beijing time, OPEC sharply lowered its forecast for crude oil demand growth this year, saying that global public health was the "main factor" behind its decision.

In a closely watched monthly report released on Wednesday, the Middle East's dominant oil producer group cut its forecast for global oil demand growth in 2020 to 990,000 barrels/ day. This is 230,000 barrels/ day less than last month's estimate.

The revised forecast may give OPEC and non-OPEC oil producers, including Russia, more reason to implement further production cuts as soon as possible.

OPEC said in its report that global public health issues increase the uncertainty surrounding global economic growth in 2020 and global oil demand growth in 2020.

Brent crude rose nearly 2% to $55.06, while WTI rose about 1.5% to $50.69. Since peaking in early January, both crude benchmark indexes have fallen about 20%. Earlier this month, OPEC, led by Saudi Arabia, pushed for an emergency meeting with non-OPEC members to cut oil production.

According to reports, the Committee advising producers recommended a 600,000 barrels/ day reduction in oil production to ease pressure on the energy market. However, Russia is still considering whether to sign additional production cuts.

OPEC's regular meeting is scheduled for March 5, 2020.

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