Oil demand will plateau after 2030 but remain roughly at current levels of more than 100 million barrels per day through 2050, according to Exxon.
Stubborn oil and gas demand jeopardizes the goal of achieving net-zero carbon dioxide emissions by 2050 to keep global warming at 1.5 degrees Celsius. The IEA has said the pathway isDemand for oil to make gasoline will decline over the next 25 years, but fuel for cars is only a portion of total crude consumption, according to Exxon. The majority of crude is used for manufacturing, chemical production and heavy transportation such as aviation, according to the company.
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