While higher prices
boost producers' revenues they can also weigh on demand - and in turn
economic growth - harming the cartel in the long run.
Oil supplies
from leading OPEC producers Saudi Arabia, Kuwait and the United Arab
Emirates are already near their highest levels in three decades, the
International Energy Agency (IEA) said in a monthly report on Wednesday.
OPEC on Tuesday slightly raised its world oil demand forecast for 2015, while acknowledging that there remains a supply glut on the market.
In its monthly oil report, the cartel upgraded global oil demand by 60 000 barrels a day for 2015.
But poorly-received economic data from China this week increased concerns about future take-up of oil in the world's largest consumer of energy.
The IEA said this week that a glut in the global oil market has not evaporated with other countries stepping up output while US shale producers have cut back, owing to the sharp drop in prices since last year.
In its latest monthly report the International Energy Agency said that global oil supply remained flat at 95.7 million barrels per day (mbd) in April.
Analysts said dealers are also keeping an eye on civil strife in Libya and Yemen, with concerns that the fighting may disrupt supplies in the crude-rich Middle East.
OPEC on Tuesday slightly raised its world oil demand forecast for 2015, while acknowledging that there remains a supply glut on the market.
In its monthly oil report, the cartel upgraded global oil demand by 60 000 barrels a day for 2015.
But poorly-received economic data from China this week increased concerns about future take-up of oil in the world's largest consumer of energy.
The IEA said this week that a glut in the global oil market has not evaporated with other countries stepping up output while US shale producers have cut back, owing to the sharp drop in prices since last year.
In its latest monthly report the International Energy Agency said that global oil supply remained flat at 95.7 million barrels per day (mbd) in April.
Analysts said dealers are also keeping an eye on civil strife in Libya and Yemen, with concerns that the fighting may disrupt supplies in the crude-rich Middle East.
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