In this photo dated Sept 22, 2017, the Organization of the Petroleum Exporting Countries (OPEC) logo is pictured at OPEC's headquarters in Vienna. (JOE KLAMAR / AFP)

LONDON — OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop to shock output target cuts announced by OPEC+ producers on April 2, although the producer group maintained its forecast for global oil demand growth in 2023.

Demand will rise by 2.32 million barrels per day (bpd), or 2.3 percent, the Organization of the Petroleum Exporting Countries said in a monthly report. This was unchanged from last month's forecast.

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

OPEC, Russia and other allies, known as OPEC+, surprised the oil market on April 2 with an announcement of new production target cuts, adding to curbs already in place.

READ MORE: OPEC raises 2023 global oil demand growth view

Oil has risen towards $87 a barrel since the decision from below $80.

"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.

OPEC said its March output fell by 86,000 bpd to 28.80 million bpd."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.

READ MORE: OPEC oil cut extension renews Asia's crude supply worries

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.

OPEC said its March output fell by 86,000 bpd to 28.80 million bpd.