Investing.com - OPEC Wednesday raised its forecast for demand for oil this year but also hiked its forecast for U.S. supply.
OPEC lifted its outlook for demand by 1.16 mn bpd to 95.60 mn as global economic growth seen higher.
It increased its forecast for U.S. supply by 230,000 bpd on a higher rig count and stronger cash flows.
OPEC expects total non-OPEC supply to rise by 120,000 bpd this year, down from a previous forecast of growth of 300,000 bpd.
OPEC and non-OPEC producers have agreed to cut output by 1.8 mn bpd in the first half of this year.
OPEC December output fell by 221,000 bpd to 33.085 mn.