The US oil and gas giant ExxonMobil stated on Monday that despite advancements in renewable energy, global oil demand will unlikely decline by 2050 due to the growing population and energy consumption worldwide.
According to a recent ExxonMobil study, “oil demand is expected to plateau beyond 2030, staying above 100 million barrels per day through 2050. This number is much higher than what rival BP projected earlier this year, indicating that if current trends continue, oil demand will drop to about 75 million barrels per day by 2050.
ExxonMobil estimated in its report that four billion people worldwide do not have access to the energy they require. According to the company, supplying the world’s basic energy needs “will drive a projected 15% increase in total energy use worldwide between now and 2050,” as the world’s population is predicted to rise from eight billion to nearly ten billion people.
According to the company, the vast majority of oil produced worldwide is and will be used in heavy-duty transportation like shipping, trucking, and aviation, as well as industrial processes like manufacturing and chemical production.
Despite this, ExxonMobil continues to project that increased renewable energy, improved energy efficiency, and introducing new “lower-emission technologies” like carbon capture and storage will reduce global carbon emissions by about 25% by the middle of the century.
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