OPEC's latest ‘World Oil Outlook’ paints a bullish picture for oil demand through to 2050, positioning itself as a staunch defender of the idea that oil and gas will remain crucial to global energy. For market participants,

OPEC doubled down on forecasts that global oil demand will keep growing to the middle of the century, an outlier view that scientists say would lead to climate catastrophe.

OPEC raised its forecasts for world oil demand for the medium and long term in an annual outlook, citing growth led by India, Africa and the Middle East and a slower shift to electric vehicles and cleaner fuels.

Oil futures rose on Tuesday as China stimulus measures and Middle East tensions boosted sentiment. "There is no peak oil demand on the horizon," OPEC said. Read more.

OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would keep growing until at least 2050, a key year in the battle against climate change."What the Outlook underscores is that the fantasy of phasing out oil and gas bears no relation to fact,

OPEC doubled down on forecasts that global oil demand will keep growing to the middle of the century, an outlier view that scientists say would lead to climate catastrophe.Most Read from BloombergEric Adams' Vanishing Promise to Fix NYC's 'Unfair' Property TaxesUnlocking the Hidden Power of Zoning,

By Alex Lawler LONDON (Reuters) -OPEC raised its forecasts for world oil demand for the medium and long term in an annual outlook, citing growth led by India, Africa and the Middle East and a slower shift to electric vehicles and cleaner fuels.

The cartel said oil demand is forecast to reach 120.1 million barrels a day in 2050 from 102.2 million barrels a day last year.

The oil body said there "has been further recognition that the world can only phase in new energy sources at scale when they are genuinely ready”.