ExxonMobil expects global oil demand to remain above 100 million barrels per day until 2050, driven by growth in industrial uses such as plastic production and heavy transportation.

However, the International Energy Agency’s (IEA) net-zero emissions scenario suggests that oil demand must decrease by 75% to 24 million barrels per day by 2050 to limit global warming to 1.5 degrees Celsius above pre-industrial levels, as outlined in the Paris Agreement on climate change.

ExxonMobil also projects that without new investments, oil supplies could decrease by 70% to 30 million barrels per day by 2030, leading to a surge in crude oil prices and potentially crippling the global economy.