The cartel said it was raising its forecast for 2015 demand for its own oil by more than 400,000 barrels a day to 29.2 million, while non-Opec supply was predicted to grow by 850,000 barrels, down by about a third from its last monthly report.
Opec has refused to cut output despite a steep drop in crude prices since the summer in a move aimed at putting pressure on US shale oil drillers
Opec has refused to cut output despite a steep drop in crude prices since the summer in a move aimed at putting pressure on US shale oil drillers.
Recent data showed the US oilrig count at a three-year low.
Brent crude rose by 1 per cent to over $58 a barrel.