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OIL: Global Oil Demand Above 100mb/d Through 2050: Exxon

OIL

Global oil demand will be the same, or even slightly higher, than current levels in 2050 driven by industrial growth such as plastic production and heavy-duty transportation, according to Exxon Mobil cited by Bloomberg.

  • Oil demand will remain above 100mb/d through 2050 putting efforts to reach net zero carbon emissions by mid-century well out of reach.
  • Failing to invest in new fossil fuel projects now would be “catastrophic,” Chris Birdsall, Exxon’s director of economics and energy said.
  • Without new investment oil supply could fall 70% to 30mb/d, sending crude prices soaring and decimating the global economy. 
  • Exxon’s demand forecasts are roughly in line with other recent projections by oil industry participants.

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