OPEC expects growth in demand for oil across the world to be higher than expected in 2014.

The Middle Eastern oil group said demand is expected to rise to around 1.1 million barrels per day.

In its monthly oil market report released this week, it revised demand up by 50 thousand barrels of oil per day from last month.

OPEC’s benchmark price for oil – known as its reference basket – dropped by almost $3 to $104.71 per barrel in January amid “bearish sentiment”, said the report.