The Vienna-based organisation reversed its expectations of a decline of more than 300,000 bpd in demand for its oil this year to an increase of 100,000 bpd.
Opec demand is expected to recover 2014’s losses by the middle of this year before starting to increase in the second half of 2015.
The main driver behind the change was a reduced forecast for the rate of growth in non-Opec supply as a result of the slowdown in the US shale boom and lower capital investment by oil players as well as falling output from Russian brownfields, Opec said.
The
