OPEC: 2015 crude demand will be weakest in a decade

The Organization of Petroleum Exporting Countries (OPEC) decreased its 2015 crude oil demand projection, stating it would be the weakest in the last 12 years.

In its monthly market report, OPEC lowered its daily demand projection for 2015 by 300,000 barrels to 28.9 million barrels per day, which is nearly less than 1.15 million barrels produced in November 2014. This is the lowest production level since 27.05 million barrel per day of 2003.

"The downward revision reflects the upward adjustment of non-OPEC supply as well as the downward revision in global demand," said OPEC in its report.

OPEC increased its projections for non-OPEC supplies, coming from the U.S., Canada and Brazil by 120,000 barrels per day. It is projected in the report that non-OPEC production will increase by 1.36 million barrels a day to 57.31 million. The increase for 2014 was estimated as 1.72 million barrels per day, more than three times of the 580,000 barrels per day original estimation for 2014.