Further depreciation in emerging market currencies could seriously dent oil demand in large emerging economics, the Organization of the Petroleum Exporting Countries (OPEC) warned on Wednesday.
In its Monthly Oil Market Report, OPEC said the sell-off in emerging market currencies has only "slightly affected" crude oil prices to date, but stressed that further volatility could hit demand in the region.
"Emerging economies have been the main driver of oil demand growth in past year," the report found.
(Read more: Easy with the taper; we need growth: OPEC)
"While the major OECD economies are experiencing stronger GDP (gross domestic product) growth this year and are forecast to compensate for the shortfall of the emerging and developing economies, the outcome of the currency depreciation in the large emerging economies could potentially have a slowing effect on demand growth, particularly if the volatility in the currency market - causing second-round effects – continues," the organization said.