OPEC on Wednesday raised its 2020 estimate for growth in global demand for oil, while noting that increased output from non-OPEC members would probably more than make up for it.

The oil cartel now expects demand for crude oil to grow by 1.22 million barrels per day from last year's level, a slight increase of 140,000 b/d from OPEC's previous outlook.

Total demand would rise from 99.77 mb/d last year to 100.98 mb/d, the Vienna-based organisation said in its monthly oil report.

It said the revised forecast was due for the most part to "an improved economic outlook for 2020."