OPEC this week raised its forecast for 2014 world oil demand growth for the second month running, on account of what it said were stronger than expected economic growth figures in North America and Europe. This is despite repeated warnings of slowing economic activity in a host of emerging economies, not least China, the world’s second largest oil consumer.

This is in contrast to the US government’s Energy Information Administration (EIA), which revised down its 2014 world demand growth forecast by 100,000 b/d earlier in the week. (CONTINUED - 659 WORDS)