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ExxonMobil stated in its annual forecast (Global Outlook) that the demand will stay over 100 million barrels per day (bpd).
The company stated that although the demand for oil to produce gasoline for passenger cars will decrease by 2050, this industry represents only a small portion of the overall feedstock demand.
The majority of oil is currently being utilized in the manufacturing industry, specifically in manufacturing, chemicals, and in transportation - such as shipping, heavy trucking, and aviation, according to the forecast.
ExxonMobil anticipates a 15% rise in worldwide energy consumption by 2050 compared to current levels. The company anticipates that renewable energy, as well as oil and natural gas, will be crucial in meeting this demand.
Developing countries are projected to have a 25% rise in energy consumption by 2050, whereas developed countries are expected to see a reduction of over 10%.
Global emissions of greenhouse gases are not expected to decrease until the year 2030, as stated by Global Outlook. By the year 2050, there will be a 25% decrease in emissions.
source: reuters.com
The company stated that although the demand for oil to produce gasoline for passenger cars will decrease by 2050, this industry represents only a small portion of the overall feedstock demand.
The majority of oil is currently being utilized in the manufacturing industry, specifically in manufacturing, chemicals, and in transportation - such as shipping, heavy trucking, and aviation, according to the forecast.
ExxonMobil anticipates a 15% rise in worldwide energy consumption by 2050 compared to current levels. The company anticipates that renewable energy, as well as oil and natural gas, will be crucial in meeting this demand.
Developing countries are projected to have a 25% rise in energy consumption by 2050, whereas developed countries are expected to see a reduction of over 10%.
Global emissions of greenhouse gases are not expected to decrease until the year 2030, as stated by Global Outlook. By the year 2050, there will be a 25% decrease in emissions.
source: reuters.com
