The Organization of Petroleum Exporting Countries (OPEC) has raised its forecasts for global demand.<br /><br /> In its monthly report, OPEC said demand was set to grow by 1.28 million barrels per day (pbd) in 2015 – an upward revision of 100,000 bpd since its last report. <br /><br /> In 2016, demand is set to increase further, by 1.34 million bpd, the report stated.<br /><br /> The new forecasts came after OPEC’s 12 members increased production in June, hitting a three-year high.<br /><br /> Saudi Arabia, the world’s largest oil exporter, reported to OPEC that it had pumped 10.564 million bpd in June, surpassing its previous monthly record set in 1980.<br /><br /> OPEC also said it anticipated that the market would become more “balanced” next year – as China and the developing world use more oil, and the supply of fuel from North American shale grows more slowly.
