ExxonMobil has said global oil demand will remain virtually unchanged by 2050 and warned that any move to curtail investment in fossil fuels would trigger a new energy price shock.
In a forecast released on Monday, the US supermajor said oil demand would stay above 100mn barrels a day over the next 25 years — a forecast that assumes an energy transition will fail to curb the world’s thirst for fossil fuels.
Exxon warned of a new global oil shock if companies failed to keep investing to match that demand, saying crude prices could quadruple as supply fell.
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