Mubasher: The Organization of the Petroleum Exporting Countries (OPEC) cut its global demand outlook for last year and this year.

Global oil demand over the past year is now estimated to have grown by 1.41 million barrels per day (bpd), down 20,000 bpd, from February’s estimates, the producer club said in its monthly Oil Market Report (OMR) on Wednesday.

OPEC revised demand growth down by 30,000 bpd in this year to 1.21 million bpd, down 30,000 bpd down from last month’s projection, owing to a slower-than-expected growth in developed economies.

Currently, total global demand growth for this year is expected to reach 99.91 million bpd, while it would pass the 100-million mark during the second half of the year.

On the supply front, oil supplies outside OPEC are expected to have grown at 2.90 million bpd last year, up 160,000 bpd from the prior month’s estimate, with an average of 62.37 million bpd.

However, projection for non-OPEC supply this year was revised downwardly to 2.18 million bpd to an average of 64.54 million bpd.

By 1:42 pm GMT, US Nymex crude futures climbed 0.63% to $64.38 per barrel (pb), while international benchmark Brent futures rose 0.51% to $70.97 pb.