OPEC Predicts Increased Oil Demand

OPEC monthly report forecast the demand for oil in 2015 will rise to 29.21 million barrels per day. This is an increase of 430,000 bpd from the previous month's prediction. OPEC believes its "strategy of letting prices fall to hurt other producers" is beginning "to take effect."  OPEC's demand forecast is above the 2014 level, while the forecast for non-OPEC countries is "slashed by a third due to a slowdown in the U.S. shale boom and lower oil investments globally."