OPEC boosted estimates of demand for its crude this year and next amid stronger-than-expected fuel consumption and a weaker outlook for rival supply.

The Organization of Petroleum Exporting Countries raised forecasts for the amount it needs to supply in 2017 and 2018 by about 200,000 barrels a day for each year, according to a monthly report from its secretariat in Vienna. Still, a rebound in Libyan production pushed the group's output last month to the highest this year, undermining its plan to rebalance oversupplied world markets.