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.
Still, the report said that oil demand expectations for OECD Americas skewed to the upside compared to previous assessments in part because of the dominance of SUVs and pickups in the region. OECD Europe also saw demand increasing during the first part of the year, OPEC said, citing economic improvements on the Continent.