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OPEC expects oil demand to increase this year
The Organization of the Petroleum Exporting Countries (OPEC) said on Monday that oil demand will be 29.2 million barrels a day this year, a rise of about 100,000 barrels a day compared with last year.
OPEC lowered its estimate for non-OPEC supply growth in 2015 by about 400,000 barrels a day.
Falling oil prices have forced international oil companies to cut their expenditure.
Oil price has rebounded in the past two weeks.
OPEC expects that global oil demand will rise by 1.17 million barrels a day in 2015 to 92.32 million barrels a day.
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