Opec raises oil demand outlook for 2014

 
Suzie Neuwirth

The Organisation of the Petroleum Exporting Countries (Opec) has today raised its forecast for oil demand growth in 2014 for the second month in a row.

Opec, which accounts for 40 per cent of the world’s oil supply and represents 12 countries, has revised its forecast by 50,000 barrels per day to 1.14m bopd.

Total world demand for oil is expected to hit 91.1m barrels of oil per day this year, up from 90m bopd in 2013.

“In light of the prevailing uncertainties, a key determinant for this increase in world oil demand will be the pace of growth in the emerging economies,” said Opec in its monthly benchmark report.

Opec’s members include Iraq, Saudi Arabia and Venezuela. Opec forecasts non-Opec supply – from countries including the US and Brazil – to rise by 1.3m bopd to 55.5m bopd in 2014.