VIENNA: OPEC kept its world oil demand growth projections unchanged for 2014 and 2015 as global economy forecasts remained stable going into next year.
The estimates were issued as the price of oil continues to fall because of gloomy sentiment on the market about prospects for economic growth, notably in the eurozone.
World demand will grow by 1.05 million barrels per day (mbpd) to 91.19 mbpd this year, the Organization of Petroleum Exporting Countries said in its latest monthly report.
For 2015, OPEC predicted demand to reach 92.38 mbpd, again unchanged from its previous forecast.
Growth was mainly supported by China, Brazil and Saudi Arabia, where consumption was on the up, despite dips in Europe and other countries of the OECD region, OPEC said in its report.
It also cited unchanged OECD forecasts on the world economy to explain its stable oil demand predictions.
Saudi Arabia told OPEC it raised its oil production in September by 100,000 barrels per day, adding to signs it has yet to respond to a drop in prices well below $100 a barrel by trimming output.
In its monthly report, OPEC said Saudi Arabia reported September production of 9.704 million barrels per day (bpd), up from 9.597 million in August.
The lack of a Saudi output cut could add to perceptions that the kingdom is looking to defend market share, rather than prices.
Oil in September fell below $100 a barrel, a level endorsed by Saudi Arabia, for the first time in 14 months.


