LONDON: World oil demand will increase more than expected in 2014, Opec said yesterday, raising its prediction for a second straight month as economic growth picks up in Europe and the United States.
The view on oil demand growth from the Organisation of the Petroleum Exporting Countries, source of a third of the world’s oil, contrasts with that of the US government’s Energy Information Administration, which cut its forecast. In a monthly report, Opec said global demand will rise by 1.14 million barrels per day (bpd) this year, up 50,000bpd from its previous forecast. It also raised the 2014 projection for global demand for Opec’s crude.
“While many challenges remain, the expected improvement in the global economy is also resulting in higher oil demand,” said the report.Reuters
