OPEC sees rising demand of world crude market

The world crude demand would increase more than previous forecast for 2014, Vienna-based Organization of Petroleum Exporting Countries (OPEC) said Wednesday. The optimistic view of the world oil demand came from the global economic recovery, as OPEC estimated the global crude demand to increase by 1.14 million barrels per day (bpd) in 2014, which means the world will consume 91.1 million bpd, 50,000 bpd more than the previous forecast. OPEC noted the global economy will see a gradual recovery in 2014, boosted by growth acceleration in developed economies, different from prediction of the U.S. government's Energy Information Administration, which on Tuesday revised down its forecast. Iraq's oil output rose by 400,000 bpd to 3.4 million bpd in February, reaching the highest level since 1980, according to OPEC data. OPEC's oil production rose by 258,600 bpd in February to 30.1 million bdp, also the highest level since August, thanks to the its member state Iraq's output increase.