The headquarters of OPEC, the Organization of Petroleum Exporting Countries, is located in Vienna, Austria. Barbara Gindl/AFP PHOTO/Getty Images
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The world's three big energy agencies are forecasting higher demand for OPEC's crude oil this year, a sign the producing nations' strategy to let prices fall is starting to win them back market share from rivals who are cutting output.In reports this week, the International Energy Agency and the Organization of Petroleum Exporting Countries have raised by at least 200,000 barrels per day their estimates of demand for OPEC crude in 2015, while the U.S. government's Energy Information Administration forecasts OPEC will pump 140,000 bpd more.Rising demand for OPEC oil is generally taken as a bullish sign in the oil market.OPEC Monday forecast demand for its oil this year would average 29.21 million bpd, up 430,000 bpd from its previous prediction.Tuesday, the EIA in its report forecast that OPEC would produce 30.05 million bpd in 2015, up from its previous projection of 29.91 million bpd.
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