One of the world’s chief energy price authorities says there is less demand for oil and that the world’s needs are gradually decreasing.

The International Energy Agency has trimmed its outlook for oil demand over the next 18 months, highlighting threats to the dominance of OPEC in a recent report.

The IEA said that new indicating a lapse in global economic momentum means demand for oil will grow by slightly less than it had previously foreseen.

One of the most significant claims in the recent IEA outlook is the reduction of power and influence of the famously powerful and influential OPEC group, which has for decades held the world’s oil supplies in a stranglehold, opponents say. Now the IEA says a raft of successful explorations and exploitation of alternative energy sources such as renewable energy, shale and coal seam gas have dethroned OPEC.

OPEC oil production fell by 165,000 barrels per day “due to supply disruptions in Libya where civil unrest continues to derail exports,” even though Saudi Arabia had increased its supplies by 150,000 barrels per day to a 12-month high of 9.8 million. OPEC also raised production of natural gas liquids, which are akin to crude oil, by 175,000 barrels.

The IEA also reported that output from Iraq fell below 3.0 million barrels per day for the first time for five months, and exports were expected to plunge by about 500,000 barrels from September owing to work on infrastructure at southern ports. Meanwhile attacks on the "key" northern pipeline were sharply reducing exports from Kirkuk.

The IEA predicts further challenges for the OPEC conglomerate due to “domestic developments in some member countries.”