OPEC raised its oil demand forecast by 20,000 barrels a day, bringing it up to 92.32 million barrels daily in its February report, 1.17 million barrels higher than last year's value.
In the first quarter of 2015, daily oil demand will be 91.36 barrels, OPEC predicts. The new forecast is 30,000 barrels higher than the forecast made last month.
The forecast for oil production in the United States was 130,000 barrels lower than last month's estimate. The organization believes Washington will produce up to 13.64 million barrels daily.
Global oil prices were relatively stable at around $110 per barrel from 2010 until June 2014. Since then, oil prices have dropped significantly due to an oversupply in the market.
Crude prices sank further in November 2014, when OPEC decided not to cut oil output levels.
