As 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
, contradicting other forecasts that come in much lower, Reuters reported. The forecast from Exxon, which is planning to see output of 4.3 million barrels of oil and gas per day this year, is at odds with other forecasts, both among its peers and among analysts. Exxon has also estimated that in 2050, 67% of the global energy mix will be fossil fuels, down from 68% last year.
BP, which is planning to slash production to around 2 million bpd by 2030, sees oil consumption gradually declining over the second half of the outlook to around 75 million bpd in 2050. The drop is, however, much more pronounced in Net Zero, with demand falling to just 25 million-30 million bpd by 2050. Late last week, Morgan Stanley revised its oil price forecast downward to reflect expectations of more OPEC and non-OPEC supply coupled with indications of weakening demand.
Oil Oil Demand Oil Outlook Energy Mix Oil Prices
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