Forecasts for global oil demand growth in 2015 are stable at 0.9 million barrels per day (MBPD) from December to January, according to the latest data published Tuesday by the International Energy Agency (IEA).
In its latest monthly oil market report (OMR), the IEA projected oil demand would reach 93.4 mbpd this year compared with 92.5 mbpd in 2014. The increase is based on the Agency's assessment of a better world economic climate.
Oil prices, which were at near six-year lows in early January, have rebounded based on infrastructure assessments for oil rig availability, the report noted.
While Brent Blend was last trading at USD 58.25 per barrel, this is still 50 percent below its level in mid-2014. WTI Blend was last quoted on publication at USD 52.55 per barrel.
On the supply side, global output fell 235,000 bpd in January to 94.1 mbpd.
OPEC supply was estimated at 30.31 mbpd, down 240,000 b/d, reflecting lower output in Libya and Iraq.
The "Call on OPEC" crude is now gauged at 30.2 mbpd, slightly up on the official target of 30 mbpd.