ExxonMobil: Oil Demand Will Still Exceed 100 Million BPD in 2050

Every year, ExxonMobil publishes its Global Outlook, detailing the company’s view of what the future is likely to hold for oil, natural gas, and other forms of energy. The key findings in the company’s 2024 Global Outlook released Monday are as follows:

1.     All energy types will remain in the mix.

2.     Renewables will grow the fastest.

3.     Coal will decline the most.

4.     Under any credible scenario, oil and natural gas remain essential.

5.     Lower-carbon technology needs policy support to grow rapidly but ultimately must be supported by market forces.

If any of those conclusions surprise you, you probably harbor unrealistic expectations about what is likely to happen from now through 2050 in the global energy space. While some, including the energy transition boosters at the International Energy Agency (IEA) will take issue with item #4, it is the unavoidable reality expressed in item #5 that ensures oil and natural gas will remain essential throughout the foreseeable future, and likely beyond.