MOSCOW (Sputnik) — The organization noted that the trend of growing oil demand that Europe showed in the second half of 2014 is continuing into 2015.
"In 2015, world oil demand is anticipated to grow slightly more than the previous month's projection, as a result of a positive revision to OECD Europe. World oil demand is now expected to grow by 1.18 mb/d to reach around 92.50 mb/d in 2015," OPEC said.
"The main reasons behind these positive developments are the improving economy in large parts of the continent, colder weather during the first quarter of 2015 and an extremely low baseline for the last three years," OPEC said.
Regarding the supply of crude oil, the organization forecasts growth in both OPEC and non-OPEC states. However, non-OPEC members are expected to significantly slow their growth pace.
According to the report, in 2015, non-OPEC oil supply is expected to average 57.16 mb/d.
The report noted that March storms in Saudi Arabia resulted in the first slight decline in oil production in the country since October 2013.
