Exxon Mobil's Exclusive Outlook: Oil and Gas to Remain Market Leaders by 2050

Monday, 26 August 2024, 11:56

Markets are set to favor oil and gas, as Exxon predicts these will continue as our primary energy sources through 2050. Despite the shift towards renewable energy, the oil major forecasts global oil demand to exceed 100 million barrels a day. The forecast contrasts sharply with predictions from other agencies, emphasizing the enduring role of fossil fuels in our energy future.
Business Insider
Exxon Mobil's Exclusive Outlook: Oil and Gas to Remain Market Leaders by 2050

Exxon's Energy Forecast Amidst Climate Change

Exxon Mobil's latest outlook challenges industry expectations by asserting that oil and gas will prevail as dominant sources of energy well into 2050. As climate change accelerates, the company forecasts global oil demand to remain above 100 million barrels per day. This perspective suggests a future where crude oil and brent crude oil play essential roles in meeting energy requirements, even as renewable energy adoption increases.

Global Energy Breakdown

  • 54% from oil and gas
  • 13% from coal
  • 6% from nuclear
  • 10% from bioenergy
  • 15% from renewables

While Exxon acknowledges a rising share of renewable energy sources like wind and solar, its data reflects an ongoing reliance on traditional fossil fuels. Projections indicate that, despite efforts to combat climate change, oil demand will not only persist but expand, with the population surge to 10 billion people by 2050.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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