Arab Today, arab today opec raises demand forecast oversupply still dogging market
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Arab Today, arab today
Arab Today, arab today

OPEC raises demand forecast, oversupply still dogging market

Arab Today, arab today

Arab Today, arab today OPEC raises demand forecast, oversupply still dogging market

OPEC
Vienna - AFP

The OPEC oil cartel on Tuesday raised slightly its world oil demand forecast for 2015, while acknowledging that there remains a supply glut on the market.

In its monthly oil report, the cartel, which pumps out just under a third of the world's crude, raised global oil demand by 60,000 barrels a day for 2015.

The change would only have a marginal impact on the global demand volume, which is expected to reach 92.5 million barrels a day.

Production by non-OPEC countries is meanwhile expected to remain unchanged at 29.32 million barrels a day.

Ministers from the 12-nation cartel are due to meet on June 5.

OPEC has set its production at 30 million barrels a day, refusing to turn down the taps despite an oversupply that has brought prices down.

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