OPEC has said that global demand for oil will continue to slide until the end of the decade, as producers outside of the cartel produce more oil.

The organisation intends to produce 30.7m barrels a day by 2020 according to its annual World Oil Outlook. That is 300,000 less per day than the current production level.

As competition increases in the oil industry with production growing in the US and Russia. OPEC has taken a combative stance, maintaining its production level forcing a squeeze on other producers.

This has been a costly strategy for these oil-dependent economies - oil hit a 11-year low on December 21st, falling to $36.04.

"The removal of subsidies and price controls on petroleum products in some countries and ongoing efficiency improvements will all likely continue restricting oil demand growth.

"Although lower oil prices continue to foster some demand growth, their impact seems to be limited by other factors," the report said.

It predicts that oil prices will rise to $80 a barrel by 2020 - that is down from a projection of $110 last year.