The Organization of the Petroleum Exporting Countries doubled down on its view that global oil demand will keep rising through mid-century and that there is no peak in sight.

In its annual report on long-term energy trends, the cartel nudged up its forecast, projecting oil demand will reach 113.3 million barrels a day in 2030 and nearly 123 million in 2050, up from 103.7 million barrels last year.