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.

The Organization of the Petroleum Exporting Countries said that global oil consumption will continue to swell well into the midcentury, with no peak in sight, rebutting outside forecasts that the world is shifting away from oil.