Exxon still expects fossil fuels to make up the majority of energy market in 25 years
Publishing timestamp: 2024-08-26 17:13:24
Summary
Exxon projects that oil demand will plateau after 2030 but remain at current levels through 2050, even with the rise of electric vehicles. The company warns that a halt in investment in new production could lead to a supply shock and economic crisis. Other oil industry players, like Saudi Aramco, believe the energy transition is failing and that demand for oil will continue to rise. Renewable energy sources are growing rapidly, but fossil fuels are expected to still make up more than half of the world's energy mix in 2050.
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Keywords: energy, exxon mobil corp, markets, business news, oil and gas, breaking news: markets,