OPEC's oil output increased sharply in March, while the U.S. oil output is forecast to decline in the second quarter, according to OPEC's monthly report issued on Thursday.
The Organization of the Petroleum Exporting Countries (OPEC) monthly oil market report shows that thanks to the high oil output in Saudi Arabia and Iraq, OPEC oil output increased by 810,000 barrels per day (bpd) in March.
The report also predicted the demand for OPEC's crude to rise to 29.27 million bpd in 2015.
Regarding OPEC's rival, the United States, the organization forecast that the country's oil supplies would begin to decline in the second quarter, due to the low oil price.
OPEC refused to lower oil output last year, while the oil price hit a six-year low, and expects a price rebound in 2015.
