The Organization of the Petroleum Exporting Countries raised its expectations for global oil demand this year, saying that weak sentiment is exaggerated and that the economy is more resilient than originally appeared, as the group’s own output crept higher.

The Vienna-based oil producers’ cartel said in its monthly oil-market report that it sees oil demand rising by 2.5 million barrels a day this year, up by 100,000 barrels a day from last month’s report.