"The global economic growth dynamic has gained some traction lately. This momentum is forecast to continue in 2017. Hence, the global GDP growth forecast was revised up by 0.1 percentage point for both 2016 and 2017, lifting global growth to 3.0% and 3.2%, respectively," the OPEC report reads.
According to the organization, its revised forecast was due to underlying economic developments, including positive effects from the oil output cut deal, and non-fiscal stimulus measures in the United States.
"Moreover, a continued rebalancing of the oil market after the historic OPEC/non-OPEC agreement of 10 December could lift growth further, as it may lead to improvements in the output of producer economies, along with once again rising investments," the cartel added.
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