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May 30, 2017

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OPEC holds steady forecast on growth in oil demand for 2014

VIENNA--The OPEC oil cartel on Monday held steady its forecast for a slight increase in oil demand for 2014 as the pace of global economic growth picks up.

The Organization of Petroleum Exporting Countries expects world demand of 91.15 million barrels per day (mbd) this year, 1.14 mbd more than in 2013, unchanged from its April report.

Previously OPEC, which produces about one third of the world's oil, said around half of the oil demand growth this year is to come from China and the Middle East.

The main lift to the pace of global economic growth, which is seen as rising to 3.4 percent this year, is to come from advanced rather than emerging nations.

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