World will need another million barrels of oil per day in 2014

World oil demand will increase by 1.04m barrels per day next year on account of a stronger economy, according to the Organization of the Petroleum Exporting Countries (OPEC). (release)

This would bring total global demand to 90.68m barrels per day, up 1.16 per cent from 2013. The biggest annual increase in demand is expected to come from the Middle East, which will need 3.89 per cent more oil than in 2013.

OPEC expects world economic growth in 2014 to be 3.5 per cent, up from a revised forecast of 3.0 per cent in 2013, assuming strong growth in the US and recovery in the eurozone, but tempered by slow growth in emerging economies.