The Organization of Petroleum Exporting Countries (OPEC) raised its forecast Monday for global oil-demand growth this year, encouraged by outlook of continued world economic recovery.
In 2011, world oil demand growth is forecast at 1.2 million barrels per day (bpd), 50,000 bpd higher than last month's estimate, the Vienna-based oil cartel announced in its January report .
The report noted that the continued pace of the global economic recovery will have a considerable impact on world oil demand in 2011.
"World economic activities were stronger than expected, resulting in more oil usage," the report said.
OPEC predicted world economy would continue to enjoy positive momentum backed by the ongoing expansion in the manufacturing sector.
The monthly report also revised world economic growth for 2010 up to 4.5 percent from 4.3 percent. Growth in 2011 was revised higher to 3.9 percent from 3.8 percent.