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Opec nudges up oil demand forecasts

Vienna - Oil cartel Opec slightly nudged up its world oil demand growth forecasts for 2013 and 2014 on Thursday, citing positive developments in Europe and North America.

For 2013, the 12-member Organization of Petroleum Exporting Countries estimated demand at 89.86 million barrels per day (mbd), up 0.94 mbd from demand in 2012.

In its previous monthly report in December, growth had been forecast at 0.87 mbd.

The revision was helped by the US economic recovery and hikes in industrial and transportation fuel consumption there, Opec said.

Oil demand also started picking up in Europe at the end of 2013.

"The decline in oil demand for most of the countries with debt issues seems to have stabilized, whereas the majority of the big oil consumers show signs of improvement," the report noted.

These trends were expected to continue into 2014, OPEC said, predicting oil demand growth at 90.91 mbd, slightly above its previous estimate of 90.84.

The cartel's members in the Middle East, Africa and Latin America together produce about one third of the world's crude.


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