ExxonMobil forecasts 2050 oil demand at today’s levels

HOUSTON, August 26, 2024 – ExxonMobil has released a forecast for oil demand in 2050, predicting it will remain near current levels at 100 million bopd, Reuters reported on Monday.

The predicted demand is around 25% higher than that of fellow energy giant BP, which sees oil consumption peaking next year and dropping to 75 million bopd by 2050.

ExxonMobil made the prediction in the 2024 edition of its Global Outlook, which covers global energy supply and demand. The company expects oil demand to plateau from 2030-2050.

The previous edition, released in 2023, did not forecast a demand figure for 2050.

The company also said that if there were no new investment, global oil supply would fall from today’s level of 100 million bopd to only 30 million bopd by 2050.

The report also predicted that oil and gas would make up around 50% of the world’s energy mix in 2050, with the footprint of solar and wind – currently around 12% – quadrupling from 2030-2050.

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