Exxon Projects 2050 Oil Demand at 100M bpd, 25% Above BP Estimate

Aug 26, 2024, 02:33 PM

Exxon Mobil has projected that global oil demand will remain at current levels, around 100 million barrels per day, through 2050. This forecast is 25% above BP's estimate, which anticipates a peak in oil demand next year followed by a decline to 75 million barrels per day by mid-century. Exxon warns that a failure to invest in new oil projects could lead to a supply shock, hindering efforts to achieve net zero carbon emissions by 2050. The company emphasizes that oil and gas will continue to be the dominant energy sources, suggesting that the world is not on track to make the necessary emissions reductions to combat climate change.