Exxon Mobil Corporation (NYSE:XOM) shares are trading higher on Monday. In its latest global oil outlook, the company stated that it expects crude demand to remain above 100 million barrels per day through 2050.
Exxon’s projected stronger demand supports its ambitious production growth plans, and it projects that oil demand will plateau beyond 2030.
The outlook reflects a natural decline in oil production of about 15% per year, nearly double the IEA’s previous estimate of 8%.
This increase is the result of the world's shifting energy mix toward unconventional sources of oil and natural gas.
Exxon says that, without new investments, global oil supplies could drop by over 15 million barrels per day in the first year, potentially falling to under 30 ...
