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, based on rising consumption in the developing world, and said there was no sign oil use had reached its peak.

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.

The Organization of the Petroleum Exporting Countries (OPEC) has revised its oil demand forecasts for the next four years, indicating a slower growth trajectory as Chinese economic expansion decelerates.