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Global energy demand will grow 24 per cent by 2050, with oil dominating world markets in need of 120.1 million barrels per day, the Organization of the Petroleum Exporting Countries (OPEC) said. 

Coinciding with Rio Oil & Gas, the largest oil and natural gas fair in Latin America, which runs through Thursday in Rio de Janeiro, OPEC released its annual World Oil Outlook, for the first time outside its headquarters in Vienna, reports Xinhua news agency.

The organisation, which brings together most of the world's largest oil producers, said it sees no signs of a peak in fossil fuel consumption despite a global race for renewable energy. On the contrary, it predicted that by 2050 oil will account for a record share of the world's energy matrix.

"The release of our outlook here is a very clear sign of Brazil's importance to the world of energy, not just for oil, but for global energy," said OPEC Secretary General Haitham Al Ghais.

Renewable energy will account for 60 per cent of global demand growth, but oil consumption is expected to exceed 120 million barrels per day in 2050, up 17 million barrels from the current consumption level, the report said.

According to OPEC, oil and gas will account for more than half of the energy matrix by 2050, with oil representing 29.3 per cent, the biggest share on record.