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Exxon Forecasts 2050 Oil Demand Holding Current Levels

OIL

ExxonMobil forecasts global oil demand in 2050 will be the same, or even higher than current levels, leaving net-zero efforts well out of reach, Bloomberg reported.

  • Oil demand will remain above 100m b/d through 2050, driven by growth in plastic production and heavy-duty transportation, Exxon said in its annual Global Outlook.
  • Demand will be high enough that failing to invest now in new fossil fuel projects would be “catastrophic,” Chris Birdsall, Exxon’s director of economics and energy said.
  • Exxon see oil supply falling 70% to 30m b/d by 2030. This would cause a massive surge in prices.
  • Exxon’s forecasts are roughly in line with those of other oil market participants, such as OPEC. The bloc sees oil demand at 116m b/d by 2045.
  • Exxon’s predictions will spark accusations by environmentalists of deliberate pessimism towards the energy transition as a means stall expensive and disruptive steps towards net-zero.
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