OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop to output cuts announced this month by OPEC+ producers, shedding some light on the factors behind the surprise move that has led to a rise in oil prices.
new voluntary production cuts
But in a discussion on the summer market outlook in its monthly oil report on Thursday, the Organization of the Petroleum Exporting Countries said oil inventories looked more ample and global growth faced a number of challenges. "It should be noted that potential challenges to global economic development include high inflation, monetary tightening, stability of financial markets and high sovereign, corporate and private debt levels," OPEC said.
The report also showed OPEC's oil production fell in March, reflecting the impact of earlier output cuts pledged by OPEC+ to support the market as well as some unplanned outages.
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