OPEC Lowers Demand Forecast Despite Increased Consumption

OPEC announced on Monday that it has lowered its 2015 demand forecast for crude oil. The Organization of the Petroleum Exporting Countries said that despite higher estimates for global consumption, supply is still exceeding demand. OPEC is predicting a more 'balanced' market for next year, raising its outlook for oil consumption growth to 1.34 million barrels per day. Rising consumption in China and the developing world is expected to help mop up some of the excess supply in the market. OPEC's total oil production for June rose by 283,000 barrels a day due to record output from Saudi Arabia and increased production from Nigeria and Iraq. The cartel decreased it's demand forecast for this year to 29.2 million barrels per day, down around 100,000 barrels a day from previous estimates.