OPEC Lifts 2013 World Oil Demand Growth Forecast

Why Today's Oil Move is Significant: Pro

World oil demand will grow faster than previously thought in 2013, producer group OPEC said on Tuesday, citing signs of a recovery in the world economy.

Consumption of oil will expand by 840,000 (bpd) barrels per day this year, the Organization of the Petroleum Exporting Countries said in its monthly report, 80,000 bpd more than previously expected.

According to secondary sources cited by the report, OPEC trimmed its output further in January by about 21,000 bpd to 30.32 million bpd, closer to its official target of 30 million bpd.

Top OPEC exporter Saudi Arabia told OPEC it pumped 9.05 million bpd in January, steady from 9.025 million bpd in December, confirming figures given last week by an industry source.