US demand prompts higher OPEC forecast

The OPEC oil cartel raised on Wednesday its world oil demand forecast for 2014 on the back of an increase in US consumption in late 2013 and a "gradual" global economic upswing. The Organization of Petroleum Exporting Countries now expects world demand of 91.1 million barrels per day (mbd) this year, 1.1 mbd more than in 2013, it said in its new monthly report. Previously OPEC, which produces about 35 percent of the world's oil, had expected demand to grow by 1.09 mbd. For 2013 OPEC also raised its demand estimate to 90.0 mbd from 89.9 mbd in its last monthly report, according to AFP.