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OPEC sees higher oil demand as price fall pressure pays off


economy

OPEC sees higher oil demand as price fall pressure pays off

OPEC says its expect demand for its oil to be higher than expected as its policy of letting prices fall to hurt other producers begins to bite.

The Organisation of Petroleum Exporting Countries, which pumps a third of the world’s oil, now forecasts demand will average 29.27 million barrels a day, a rise of 80,000 on previous estimations.

Its monthly report also confirms industry expectations of a surge in OPEC production last month, led by higher output in Saudi Arabia, Iraq and a partial recovery in Libyan production.

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