OPEC has revised upwards its projection for world oil demand in 2014, despite a slowdown in some key emerging economies. Even with this revision the organization says it is erring on the conservative side; if the economic conditions in both the US and the EU continue to improve, as has been the case in recent months a further upward revision could be in order.

“World oil demand in 2014 is projected to see some improvement, but will remain below [economic] growth as rising economic activity counterbalances the decline in oil intensity,” OPEC says, referring to a global trend for energy usage per unit of GDP growth to fall. Given the rise in OECD oil demand seen in recent months, “the likelihood for upward adjustments for world oil demand growth in 2014 is currently higher than existing projections,” OPEC says in its latest Monthly Oil Market Report (MOMR) released this week. (CONTINUED - 686 WORDS)