The forecast comes in the wake of a prediction from the IEA that demand growth will slow dramatically and peak demand is looming.

Both the IEA and OPEC see oil demand being driven by Asia in the observable future, but the groups appear to differ on the impact of EVs and other technologies.

Crude oil demand is set to rise to 110 million barrels daily by 2045, which would be a 23% increase from current levels.

This is what the Secretary General of OPEC, Haitham al Ghais, said today, as quoted by Reuters.

The forecast comes a week after the International Energy Agency predicted oil demand growth will slow in the next few years, shrinking from 2.4 million bpd this year to 400,000 barrels daily in 2028, with peak demand in sight.

The IEA's bearish forecast was driven by a view that the accelerated deployment of electric vehicles, higher fuel efficiency, and "other technologies" would hurt demand growth.