Oil: Practically unchanged demand is foreseen in 2050

Its will be almost unchanged in 2050 compared to the current level, as predicted by ExxonMobil, an estimate that is in spectacular contrast with most cases of other energy actors. The American giant of industry expects oil demand to reach a flat — or else leveled — in 2030, but remaining higher “out of 100 million barrels a day” to 2050, according to a report that saw the light of the public yesterday (26.8.2024). In the second quarter of 2024, consumption of black gold amounted to 102.8 million barrels of oil per day, according to the US Energy Information Service (EIA). The same source predicts that it will reach 104.55 million barrels of oil in 2025. ExxonMobil discounts consumption for private vehicles, property, and energy production. However, it expects an increase in the requirements for mass transport, cargo transport, as in the chemical industry. According to ExxonMobil, oil and gas will continue to account for over 50% of energy resources consumed in 2050. The estimates of the American group are spectacularly different from those of the International Energy Agency, which expects demand to shrink to about 55 million barrels of oil in 2050. An ExxonMobil competitor, BP, expects for her part this year the demand to amount to around 75 million barrels a day. ExxonMobil warns that in the absence of new investments in the oil industry, the production of crude may fall to 30 million barrels per day by 2030, or 70 million barrels less than global needs in its calculations. This scenario would result in “extreme energy shortages” and a series of problems “in our everyday life”, as well as a sharp increase in oil prices, points out. Source: RES-AE