OPEC General Secretary Mohammad Barkindo said Thursday that oil markets are rebalancing at "an accelerating rate" and that he foresaw "no peak" for oil demand for "the considerable future."
Speaking at the Oil & Money conference in London, Barkindo said confident prices would rise and global oil demand would grow as the global economy continued to strengthen.
"We expect global oil demand to surpass 100 million barrels per day by 2020," Barkindo told the audience of oil industry leaders. This figure is far above the oil producing group's forecast for 2017 in which global oil demand is expected to be around 96.8 million barrels per day.
This strengthening in global oil demand meant that there was "no peak demand for the considerable future," Barkindo said.
As such, continued investment within the oil industry was crucial, he said, as was a continued working partnership with non-OPEC producers.
"There is a need for us to continue to strengthen our relationship with non-OPEC countries like Russia. the world will continue to need oil for the foreseeable future," he said.
"Together with non-OPEC producers we must continue to invest to make sure the global community and global economy can rely on us as dependable suppliers of oil."