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ExxonMobil produced a report on Monday that anticipated oil demand reaching a “plateau” in 2030 and remaining fairly stable for the next 20 years — a prediction far out of line with political narratives of a “transition to green energy.”at 102.2 million barrels per day, which is roughly what global demand worked out to last year. The report predicted this equilibrium would be maintained by the developing world dramatically increasing oil consumption while the U.S.
If the report’s projections are correct, the world will still be getting more than half of its energy from fossil fuels by 2050, but emissions will decline by 25 percent thanks to cleaner and more efficient methods of burning those fuels.Coal also reportedly has a key role to place despite being one of the fuels most despised by the climate change movement. The reportoil and gas providing 54 percent of global energy by 2050, followed by “renewables” at 15 percent, then coal at 13 percent.
ExxonMobil analysts were quite insistent that BP got it wrong, and the IEA is simply daydreaming. The Texas oil companypoliticians and investors that making plans based on less than 102 million bpd consumption – or using raw political power to try forcing demand below that level – would result in a global oil shock, potentially increasing the price of crude oil by 400 percent or more.
Environmentalists derided ExxonMobil and OPEC for predicting stable or growing demand for oil and gas, painting them as selfish corporations generating propaganda to keep investor money rolling in.
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