Exxon still expects fossil fuels to make up the majority of energy market in 25 years

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Stubborn oil and gas demand jeopardizes the goal of achieving net-zero carbon dioxide emissions by 2050 to keep global warming in check.

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.

Oil and natural gas will still make up more than half of the world's energy mix in 2050 despite efforts to transition away from fossil fuels, according to a forecast published by. Oil demand will plateau after 2030 but remain roughly at current levels of more than 100 million barrels per day through 2050, according to

Demand 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. This will also be the case in the future, according to the forecast.

 

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