Exxon Mobil: Oil, Gas Demand High Through 2050

Exxon Mobil forecasts that oil and natural gas will still constitute the majority of the world's energy mix in 2050, with global oil demand remaining above 100 million barrels per day. This projection challenges global climate goals, as the demand for fossil fuels is expected to hinder efforts to achieve net-zero carbon emissions by mid-century. Exxon anticipates that emissions will start to decrease by 2030, but not sufficiently to meet climate targets. Industrial use of oil, particularly in manufacturing and heavy transportation, will drive sustained demand. Despite the growth in renewable energy sources and electric vehicle sales, these advances are not expected to significantly reduce overall oil consumption. Exxon emphasizes the need for continued investment in new fossil fuel projects to avoid a supply shortfall and soaring crude prices.