Demand will continue to grow in developing economies, according to the oil cartel. Many groups, including the International Energy Agency, predict that the world’s peak oil production is close, and global oil demand will drop starting in the next decade as more renewables come online.

OPEC is doubling down on its view that global oil demand will keep rising through 2050, with no peak demand in sight, releasing its annual World Oil Outlook on long-term energy trends.