The price of oil will rise to $70 (£32.3) per barrel by 2020.

That’s according to a new report from OPEC which also predicts oil will reach $95 (£62.7) per barrel in 2040.

Prices have fallen from more than $110 (£72.6) a barrel in summer 2014 to less than $37 (£24.4) at the end of this year due to oversupply and slowing demand.

Oil is currently trading at $36.5 (£24.09) per barrel.

The ‘World Oil Outlook’ stated demand will rise to 97.4 million barrels per day (mb/d) by 2020, “a slight rise of 500,000b/d compared to last year’s outlook”.

Overall demand is expected to be close to 110mb/d by 2040, a decline of around 1mb/d on last year’s forecast.

On the supply side, OPEC estimates that the requirement of its crude will be 30.7mb/d by 2020, an increase of 1.7mb/d from last year.