Exxon Mobil projects global oil demand above 100 million bpd through 2050, despite EV growth.

Exxon Mobil projects that global oil demand will remain above 100 million barrels per day through 2050, despite the growth of electric vehicles, supporting its production growth plans. The company believes oil demand will plateau beyond 2030 and that EVs will have minimal impact on long-term global oil demand. Exxon expects that without new investments, global oil supplies could drop by over 15 million barrels per day in the first year, potentially falling to under 30 million barrels per day by 2030.

August 26, 2024
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