The group of the world's biggest global oil exporters has cut its forecasts for the price growth and global demand for oil.
In its annual World Oil Outlook, published Thursday afternoon, the Organization of the Petroleum Exporting Countries (OPEC) said there would be a "small decline in real values" over this decade together with a "constant nominal price" of $110 per barrel between now and 2020.
Economic forecasts for the U.S. were raised, while predictions for the "BRIC" countries (Brazil, Russia, India and China) were cut in the medium term.
The group added that there was a danger of "substantial over-capacity in the sector."
The report comes out at a torrid time for the oil markets. The price of oil (as measured in WTI crude) reached its lowest level since August 2011 earlier this week after Saudi Arabia cut prices.
Adel Abdul Mahdi, Iraq's oil minister, told his country's parliament last week that the organization was already waging a "price war" within itself – and there are concerns that this may result in a race to the bottom which ultimately damages oil exporters.