By 2035 global energy consumption increases by 37% from today’s levels with virtually all (96%) the growth in non-OECD countries and more than half coming from India and China.

Differing views about who should bear the brunt of oil production cuts to lift prices forced Opec to default to its existing policy to keep on pumping last week. This has laid bare the gaping divide between Saudi Arabia and its arch rival Iran.

Many poorer OPEC members have said the group's largest producer was effectively twisting their arms, prompting the Saudi oil minister, Ali al Naimi, to say he would listen to everyone this time.

“I trust Saudi Arabia will act responsibly in line with its reputation," Birol, who worked for OPEC before joining the IEA 20 years ago, told Reuters on the sidelines of a the global climate change summit in Paris.

Brent crude oil, the international benchmark, has fallen 40 per cent over the past year, decimating the budgets of Opec’s weaker members like Angola and Venezuela. The price crash has slowed the growth of US shale, Canada’s tar sands and other sources of high-cost oil but the market remains oversupplied by at least 1m barrels a day.

If current production remains unchanged at 31.5 million barrels a day, markets will still be oversupplied by 700,000 barrels a day in 2016—though that would be less than the glut of 1.8 million a barrel a day OPEC estimates for this year.

Saudi Arabia, which has so far resisted any market intervention to prop up oil prices, will propose the Organization of the Petroleum Exporting Countries (OPEC) cut output by 1 million barrels per day (bpd) next year, Energy Intelligence reported.

"Indonesia is an important country for Saudi Arabia, a rising global economy, we would like to be a part of the growth of Indonesia," Saudi Aramco CEO Amin H Al-Nasser said at the signing of the initial agreement to upgrade the Cilacap refinery in Indonesia's Central Java province.

"We highly value our interaction within consultations on the situation in the oil market between OPEC and leading non-OPEC producers," Novak said.

"The council (of ministers) ... stressed the kingdom's role in (achieving) the stability of the oil market and its continuous readiness and efforts to cooperate with all OPEC and non-OPEC countries to maintain the stability of the market and prices," the cabinet said.