Bullish forecast from US supermajor contrasts with predictions of rapid transition form fossil fuel
ExxonMobil has said global oil demand will remain virtually unchanged by 2050 and warned that any move to curtail investment in fossil fuels would trigger a new energy price shock. In a forecast released on Monday, the US supermajor said oil demand would stay above 100mn barrels a day over the next 25 years — a forecast that assumes an energy transition will fail to curb the world’s thirst for fossil fuels.
This year Exxon sued activist investors who filed shareholder proposals demanding it to do more to tackle climate change. Despite continuing strong demand for oil and gas, Exxon forecast that carbon emissions would decline by 25 per cent by 2050 due to greater energy efficiency, the rollout of technologies such as carbon capture and renewables. However, this is significantly below the emissions cuts needed to meet the net zero goals outlined in the 2015 Paris Agreement on climate change.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Glasgow council unveils plans to 'make Easterhouse a vibrant place' by 2050Issues raised include play areas, active travel and public transport as Glasgow City Council consider ways to develop Greater Easterhouse as an 'attractive destination for local people'.
Read more »
ExxonMobil Oil Demand Will be Over 100 Million Bpd in 2050As the rivalry over global oil demand projections continues to intensify, supergiant Exxon Mobil on Monday chimed in to forecast that crude demand will continue to be over 100 million barrels per day through 2050
Read more »
Will the World Run Out of Essential Resources by 2050Global demand for materials surges due to population growth, economic expansion, and the energy transition, posing challenges for securing a sustainable supply.
Read more »
Exxon Restarts Illinois RefineryExxon has restarted key units at its Joliet, Illinois refinery following a three-week outage, with potential to improve gasoline and diesel supplies.
Read more »
Exxon Delays Startup of $10-Billion Golden Pass LNG Export ProjectExxonMobil has delayed the start-up of its Golden Pass LNG export project in Texas to late 2025 due to construction setbacks caused by the bankruptcy of the lead contractor.
Read more »
Exxon Tops Q2 Estimates on Record Permian and Guyana ProductionExxonMobil reported strong second-quarter earnings, exceeding analyst estimates and setting production records thanks in large part to the acquisition of Pioneer Natural Resources.
Read more »