By Nicholas Earl OPEC cut its forecasts for global oil demand this year for a fifth time since April – further cutting into next year’s projected figures. The cartel justified its calculations on mounting economic challenges including high inflation and rising interest rates. It said oil demand would increase by 2.55m barrels per day, around 2.6 per cent, in its latest monthly report – down 100,000 bpd from previous forecasts. OPEC said: “The world economy has entered a period of significant uncertainty and rising challenges in the fourth quarter of 2022. “Downside risks include high inflation…