Exxon Mobil's forecast suggests that oil and natural gas will still account for over half of the world's energy mix by 2050, despite global efforts to transition away from fossil fuels. Fossil fuels currently make up about 80% of global energy consumption. While oil demand is expected to plateau after 2030, it will remain at 100 million barrels per day through 2050. Exxon highlights that oil will continue to be crucial for manufacturing, chemical production, and transportation. The company warns that halting investment in new oil production could lead to severe supply shortages, skyrocketing energy prices, and an economic crisis.
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00:00It's Benzinga and here's what's on the block.
00:03ExxonMobil's forecast suggests that oil and natural gas will still account for over
00:06half of the world's energy mix by 2050 despite global efforts to transition away from fossil
00:11fuels.
00:13Fossil fuels currently make up about 80% of global energy consumption.
00:17While oil demand is expected to plateau after 2030, it will remain at 100 million barrels
00:21per day through 2050.
00:24Exxon highlights that oil will continue to be crucial for manufacturing, chemical production,
00:28and transportation.
00:29The company warns that halting investment in new oil production could lead to severe
00:33supply shortages, skyrocketing energy prices, and an economic crisis.
00:37For all things money, visit Benzinga.com.