OPEC has reinforced its position that global demand for oil will continue to grow until mid-century.

In its annual World Oil Outlook report, released Thursday, the Organization of Petroleum Exporting Countries forecasts that global consumption will grow by about 19% to reach nearly 123 million barrels a day by 2050, up 3 million barrels from its previous forecast in September.

India is forecast to lead demand, while US President Donald Trump‘s decision to withdraw from the Paris Agreement is seen by OPEC as a boost to future hydrocarbon consumption. “The US withdrawal from the agreement is expected to affect climate negotiations and likely lead to increased demand for oil and gas,” it said.

Meanwhile, according to Bloomberg, OPEC predicts that US demand will remain stable or increase slightly in the medium term.