Weak global economic activity has weighed on oil demand growth over the first half of 2023, and even voluntary Opec+ cuts since May have been unable to do much to lift prices. After hitting an eight year-high $874bn last year according to Opec’s Annual Statistical Bulletin (ASB), oil export revenues from Opec’s 13 member states are set to fall back sharply this year (see chart). The extent of the drop will in large part be driven by the extent of any market-tightening in the second half of the year.