OPEC sees higher crude demand while supply growth slowing down

The Organization of the Petroleum Exporting Countries (OPEC) forecast on Monday that the demand for its oil this year would be higher than previous estimate.

In its monthly report, OPEC revised up the market demand for its crude in 2015 to 29.2 million barrels per day, 0.4 million higher than previous forecast.

"In 2015, required OPEC crude is projected at 29.2 mb/d, following an upward adjustment of 0.4 mb/d," the report said, however, the crude demand is still lower than its oil production which current stays at about 30.15 million barrels per day.

But it seems that the world oil production is growing slowly, due to the lower estimate of non-OPEC oil supply growth which is currently staying at 0.85 million barrels per day, 0.42 million barrels per day lower than previous report estimate.

"In January, OPEC crude production decreased by 53 tb/d to average 30.15 mb/d, according to secondary sources," the report also said.

OPEC refused to lower oil output while the oil price hit a 6-year low, and expecting a price rebound in 2015.

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