Worldwide demand for oil will grow by more than previously expected, according to the latest estimates from the Organization of the Petroleum Exporting Countries.
In a monthly report released Tuesday, OPEC raised its 2015 global demand growth forecast to 1.18 million barrels per day compared to last month’s estimate of 1.17 million. All told, worldwide daily demand will touch 92.50 million barrels this year, the cartel’s analysts said.
OPEC has predicted accelerated demand growth in 2015 for several months now, compared to the 960,000 barrels per day rise in 2014. The group has said that about half of this year’s expected increase will come from China and the Middle East.
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