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Image courtesy of Day Donaldson/Flickr.

The Organization of the Petroleum Exporting Countries projects global oil demand to rise by 1.17 million bpd to 92.32 million bpd in 2015.

“This time the sharp fall in prices has been mainly driven by excess supply. As a result, lower prices are likely to help to accelerate the pace of oil demand growth this time,” OPEC said.

OPEC cut its U.S. supply growth forecast Monday by 130,000 barrels per day and lifted its global demand forecast by 430,000 barrels per day.

The group lowered its total supply growth estimate for non-OPEC producers by 420,000 bpd, prompted by expected output cuts in the United States, Yemen and Colombia.

U.S. oil supply is projected to rise by 820,000 bpd in 2015 to 13.64 million barrels per day, about half the growth level seen last year.

The U.S. rig count fell to 1,140 last week to the lowest level since 2011, Houston-based Baker Hughes said.

OPEC revised its growth supply estimate for OPEC producers up to 29.2 million bpd, about 1 million barrels below the group’s current output.