OPEC lifts oil demand forecasts

AAP

The OPEC oil cartel has increased its forecast for oil demand growth in 2013 on expectations of better-than-expected improvement in developed country economies.

The Organization of Petroleum Exporting Countries said in its November monthly report on Tuesday that demand would average 89.78 million barrels per day (mbpd) in 2013, a slight 0.04 mbpd increase from last month's forecast.

Most of the demand increase came from small adjustments in Europe and North America with non-OECD countries seeing demand forecasts in a slight decline.

OPEC, pumping about 35 per cent of the world's oil supply, however held its demand growth forecast for 2014 at 1.04 mbpd with total demand expected to reach 90.78 mbpd next year.

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