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OPEC ups global oil demand forecast, Saudi Arab

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OPEC ups global oil demand forecast, Saudi Arab

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The Organization of Petroleum Exporting Countries (OPEC) has raised its forecasts for global demand.

In its monthly report, OPEC said demand was set to grow by 1.28 million barrels per day (pbd) in 2015 – an upward revision of 100,000 bpd since its last report.

In 2016, demand is set to increase further, by 1.34 million bpd, the report stated.

The new forecasts came after OPEC’s 12 members increased production in June, hitting a three-year high.

Saudi Arabia, the world’s largest oil exporter, reported to OPEC that it had pumped 10.564 million bpd in June, surpassing its previous monthly record set in 1980.

OPEC also said it anticipated that the market would become more “balanced” next year – as China and the developing world use more oil, and the supply of fuel from North American shale grows more slowly.