The OPEC has forecast a more-balanced global world oil market in the second half of this year.

It explained that outages in Nigeria and Canada helped ease a supply glut that has weighed on prices more quickly than expected. According to the organization, its oil production fell by 100,000 barrels per day in May, led by Nigeria.

It also projected a supply deficit of 160 thousand barrels per day in the second half of this year if the group keeps production at May's rate.

The OPEC also forecast a higher seasonal demand in the remaining months of 2016, saying that the US will have the biggest demand, while Europe's demand falling flat, and Asian demand contracting.