ExxonMobil expects global oil demand near current levels in 2050

International oil demand is unlikely to fall by 2050 regardless of progress on renewable power, the US oil and gasoline big ExxonMobil mentioned Monday, pointing to rising inhabitants and demand for power worldwide.

In a brand new report, ExxonMobil mentioned it “sees a plateau in oil demand beyond 2030, remaining above 100 million barrels per day through 2050.”

This is able to be roughly in step with oil demand final yr of 102.2 million barrels per day, based on the Worldwide Vitality Company.

The determine is considerably greater than projections from its competitor BP, which predicted earlier this yr that oil demand would lower to round 75 million barrels per day by 2050 on its present trajectory.

In its report, ExxonMobil estimated that round 4 billion folks all over the world don’t presently have entry to the power they want.

With the worldwide inhabitants anticipated to rise from eight billion to virtually 10 billion by 2050, assembly the world’s fundamental power wants “will drive a projected 15% increase in total energy use worldwide between now and 2050,” the corporate mentioned.

“Renewables will play an important role,” it added. “So will oil and natural gas.”

ExxonMobil estimates that oil and natural gas will nonetheless make up greater than half of the world’s power combine by 2050, even because the proliferation of electrical autos reduces the demand for gasoline on the pump.

“The large majority of the world’s oil is and will be used for industrial processessuch as manufacturing and chemical production, along with heavy-duty transportation like shipping, trucking, and aviation,” the corporate mentioned.

Regardless of this, ExxonMobil nonetheless expects global carbon emissions to say no by round 25 % by the center of the century, because of higher power effectivity, extra renewables, and the introduction of recent “lower-emission technologies” like carbon capture and storage.

© 2024 AFP