The Organization of the Petroleum Exporting Countries left its expectations for global oil demand unchanged for this year and next and raised its 2023 global economic growth forecast, against a backdrop of falling oil prices the cartel has been unable to halt.

The Vienna-based oil-producers’ cartel said in its monthly oil-market report that it expects oil demand to grow by 2.2 million barrels a day next year, in line with its previous estimates. Its forecast for 2023 was also steady at 2.5 million barrels a day.