Oil demand decreasing?…ExxonMobil says "Increase even in 2050"

Industrial Demand Remains Strong, Population Continues to Grow

ExxonMobil, the largest fossil fuel company in the United States, has projected that global oil demand in 2050 could remain at current levels or even increase.

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On the 26th (local time), ExxonMobil announced in its annual world demand outlook report that global oil demand will be maintained at over 100 million barrels per day until 2050. This is due to ongoing industrial demand and the expected increase in total energy consumption driven by global population growth. This is similar to the prediction by the Organization of the Petroleum Exporting Countries (OPEC), which forecasts oil demand to reach 116 million barrels per day by 2045.

This figure significantly exceeds the 2050 demand forecast of 75 million barrels per day by British oil company BP, which is regarded as proactive in net-zero (carbon neutrality) implementation. ExxonMobil has indirectly expressed dissatisfaction with environmental policies, including filing lawsuits against some shareholders who excessively push for climate policy enforcement this year.

Meanwhile, the International Energy Agency (IEA) emphasizes that to achieve net zero by 2050, global oil demand must be reduced to 24 million barrels per day, which is 75% lower than current levels. In response, Chris Bazel, ExxonMobil’s Chief Economist and Energy Officer, warned Bloomberg that relying solely on the IEA’s forecast and not investing in new fossil fuel projects could cause the global economy to collapse. This is because if oil demand remains steady but supply is drastically reduced, oil prices could surge. Oil prices are considered an indicator of future inflation.

ExxonMobil expects greenhouse gas emissions in 2050 to be 25% lower than current levels. Even though energy use will continue to increase mainly in emerging countries, the company predicts that global greenhouse gas emissions will peak before 2030 and then begin to decline due to increased use of renewable energy, improved energy efficiency, and advances in carbon reduction technologies.

This content was produced with the assistance of AI translation services.