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Exxon forecasts 2050 oil need to match today's, 25% above BP estimate

Exxon Mobil said on Monday it anticipates unrefined demand to remain above 100 million barrels per day (bpd) through 2050, similar to today's levels, a. forecast 25% higher than leading European competing BP.

The more powerful need projected by the biggest U.S. oil. business in its newest international oil outlook underpins Exxon's. production development plans, the most enthusiastic among Western oil. majors. It did not have a 2050 demand figure in its previous. outlook released in 2023.

The business also painted a more mournful view on global carbon. emissions decreases than BP. Improvements in innovation will. permit emissions reductions after 2029, compared to the. middle of this decade according to BP.

Exxon plans to pump 4.3 million barrels of oil and gas per. day this year, 30% more than U.S. top rival Chevron's. existing output. BP is cutting production to about 2 million. barrels daily by 2030.

Oil and gas need have a very, very long runway and will. continue to grow over the next few years, Exxon Economics,. Energy and Strategic Preparation Director Chris Birdsall informed. Reuters.

Exxon approximates electric cars will not substantially. alter long-lasting international oil need, as the world's population is. anticipated to increase from 8 billion today to almost 10 billion. in 2050, contributing to require for energy.

If every new cars and truck sold on the planet in 2035 were electrical,. crude oil demand would still be 85 million bpd, the very same it was. in 2010, it stated. BP projects oil usage will peak in 2025. and decline to 75 million bpd in 2050.

The quotes are more than triple the 24 million bpd of. crude the International Energy Firm (IEA) says would enable the. world to reach net-zero emissions by 2050.

Exxon projects 67% of the international energy mix in 2050 will be. supplied by oil, natural gas and coal, below 68% in 2015.

The company stated more financial investments in oil than are currently. prepared for will be needed as the world transitions to. non-traditional resources. Wells in these geological formations,. such as U.S. shale, have a shorter production life-span and. exhibit a more noticable natural decline, it stated.

Exxon jobs that without new financial investments, output would. decline by about 15% each year, a steeper decline compared to. IEA's 2018 quotes of about 8% per year.

This rate of decline might trigger oil rates to quintuple,. with global supply plunging to 30 million bpd as early as. 2030, according to Birdsall.

Worldwide oil and gas materials would practically. vanish without continued financial investments, Birdsall said. The. greatest factor for the modification is the shift to more short-cycle. non-traditional properties..

(source: Reuters)