VIENNA -- The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Tuesday that worldwide demand for oil will grow slightly more than previously expected in 2015.
"World oil demand in 2015 is now projected to rise at a slightly higher 1.18 mb/d, compared to last month's estimate of 1.17 mb/d," OPEC said in its report, saying the world demand would reach around 92.50 million barrels per day (bpd) in 2015.
The report also slightly revised upward the forecast of oil demand for OPEC crude in 2015 to 29.3 million barrels per day (bpd), 0.3 million bpd higher than the estimate for 2014, but still lower than its output at an average of 30.84 million bpd.
However, the OPEC saw a declining number of oil rigs in the U.S. which began from March.
"Based on the EIA's weekly report, U.S. crude oil output began decreasing from the end of the third week of March following a decline of 784 oil rigs starting on 10 October 2014," the cartel said.
OPEC revised downward the growth of U.S. oil supply by 40 thousand bpd to 0.70 million bpd in 2015 compared to previous report.
