"The practice of filling the market with cheap oil at any cost is wrong -- half a year or a year later it could be sold at twice as high," Leonid Fedun, vice-president of Lukoil, Russia's second largest oil producer, was quoted as saying.

Demand for OPEC's oil will rise to an average 31.65 million b/d in 2016, from 29.90 million b/d in 2015, the producer group said in its latest monthly report.

Only a gentle recovery in oil prices is seen. OPEC's basket of crude oils is assumed in the report at $55 in 2015 and to rise by $5 a year to reach $80 by 2020.

The trend demonstrates Russia's resolve not to cut output despite calls from OPEC to independent producers to curb production to support falling prices.

Organization of the Petroleum Exporting Countries said it expects the price of its basket of crudes to rise to $70 a barrel in 2020 and $95 a barrel in 2040, compared with​$30.74 a barrel on Monday.

OPEC assumes that prices will rise to average $80 a barrel in nominal terms in 2020, and $70.70 in real terms. Last year it had anticipated nominal prices of $110 and real levels of $95.40. That means the value of the group’s output in 2020 would be $218 billion less than estimated a year ago, when it first embarked on the policy to protect market share.

Global energy demand is set to increase by almost 50% in the period to 2040, with the overall energy mix continuing to be led by fossil fuels at almost 78%

OPEC said it now assumes the price of the reference basket of crude oil produced by its members would be $70 a barrel in 2020, rising to $95 a barrel by 2040.

"OPEC can't take a unilateral decision, for example, to cut production and others ... raise production. Either we all go to cut production to really defend prices or we have to wait and see,"

"First of all, our policy calls for maintaining production at 525-530 million tonnes (a year), according to our energy strategy"