OPEC lifts demand for its oil for first time in three years - Telegraph

The oil producers, including Nigeria, Saudi Arabia and Iran, predicted that demand would edge up by 1m barrels per day – or 1.2pc – next year on China's growing need for energy and an improved world economy.

OPEC said the modest increase "reflected continued caution about the pace of the global economic recovery".

It said most growth in the demand for oil would come from China, India, the Middle East and Latin America, but added that the world's hopes for economic recovery hinged on the US.