Meanwhile, shipments to Venezuela's long-time ally China have slowed down.
Although the precise outlook is uncertain, the world looks set to consume significant amounts of oil for several decades, according to BP's latest Energy Outlook.
West Texas Intermediate (WTI) and Brent crude oil futures settled higher for the third consecutive day Thursday.
$90 per barrel oil is more likely than $40 per barrel oil, according to Majid Jafar, CEO of Cresent Petroleum.
Crude oil futures faltered Tuesday on the apparent lack of progress in trade relations between the world’s two largest economies, along with two individuals notably absent this week from a meeting of global elites.
Just three of India's refineries will account for more than one-quarter its refining capacity in 2023, states report.
Oil demand will grow steadily in the 2020s and peak in the late 2030s, according to Rystad Energy's current long-term outlook.
After starting the week losing more than 2 percent of their value, the West Texas Intermediate (WTI) and Brent crude oil futures contracts regained momentum Tuesday.
West Texas Intermediate (WTI) crude oil for February delivery settled at $52.31 per gallon Wednesday, reflecting a 20-cent gain. The WTI traded within a range from $51.26 to $52.52.
Fitch Solutions Macro Research identifies factors driving growth in China's gasoline exports.