According to the latest September report, the 14-member oil producing cartel said central banks such as the U.S. Federal Reserve will be crucial in determining the state of global growth and the overall health of the energy sector.
OPEC said on Monday that the trend of "moderate" global growth was likely to continue in 2016 and 2017 and that imminent central bank decisions and political developments were likely "to be influential." OPEC noted that there are several key dynamics across the globe that are significant (to global growth prospects) in the short-term.
"So far this has not been entirely compensated by positive effects from consumption. Any stabilization in the crude oil market in coming months could provide positive support to overall economic activity," OPEC said.
OPEC warned there was limited scope for governments to stimulate growth. "In most key economies the space for fiscal stimulus seems to be limited given high debt levels. Finally, political developments are becoming increasingly relevant." it said.