The Organisation of the Petroleum Exporting Countries (OPEC) maintained its forecast for global oil demand growth in 2023 for the fourth consecutive month.

However, it also highlighted the growing uncertainty in the global economy, citing a slowdown in growth during the second half of the year.

According to OPEC’s monthly report, global oil demand is projected to increase by 2.35mn barrels per day, equivalent to a 2.4 per cent rise, in 2023.

The report further noted that OPEC’s oil production declined by 464 thousand barrels per day in May. This decrease was attributed to the voluntary production cuts implemented by Saudi Arabia and other member countries of the organisation.