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.

OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view due to rising oil needs in the developing world and said there was no evidence demand had reached its peak.

The OPEC oil cartel said Thursday that demand for crude will continue to expand through at least 2050, calling efforts to rapidly shift away from foss