The OPEC oil cartel today stuck to its forecast that 2014 global oil demand would grow at a faster rate than in 2013 thanks to accelerating world economic growth.
The Organisation of Petroleum Exporting Countries said in its December monthly report average 2014 demand would be 98.84 million barrels per day, up 1.04 mbpd from 2013.
This compares with an expected rise of 0.87 mbpd for 2013 to 89.79 mbpd.
OPEC said the main growth-driver in 2014 would be developing economies, with demand from members of the OECD group of advanced economies set to decline by 0.2 mbpd.
It forecast global economic growth of 3.5 per cent after 2.9 per cent in 2013, with OECD economies projected to grow by 1.9 per cent compared to 1.2 per cent in 2013.
China's economy is expected to expand by 7.8 per cent, the same level as 2013 thanks to recent stimulus efforts and rising exports. Indian growth is forecast to accelerate to 5.6 per cent from 4.7 per cent.
OPEC, whose members including Saudi Arabia pump about a third of the world's oil, last week agreed at a meeting in Vienna to keep its production ceiling at 30 million barrels per day.
But OPEC production could increase in the coming months as Iraq and Iran -- fresh from a breakthrough deal with over its nuclear programme -- look to export more. Libyan oil supplies may also recover from a recent plunge.
World oil prices could head lower next year as higher OPEC output coupled with increased shale production risks oversupplying the market despite upbeat Asian demand for crude, analysts say.
