World oil demand will rise slightly more than expected in 2014, OPEC said on Wednesday, becoming the second major forecaster this week to predict higher fuel use as economic growth picks up in Europe and the United States.
The Organization of the Petroleum Exporting Countries, in a monthly report, said global demand will rise by 1.09 million barrels per day (bpd) this year, up about 40,000 bpd from its previous forecast. It also saw potential for further rises due to a stronger outlook for developed OECD economies.
OPEC left the forecast for average demand for its crude in 2014 virtually unchanged at 29.60 million bpd, as the higher demand would be offset by an increased supply forecast from countries outside the group.
On Tuesday, the U.S. government's Energy Information Administration raised its 2014 world oil demand growth forecast by a similar increment to OPEC.