Exxon Sees 2050 Oil Use at Current Level, Despite Net Zero Goal

Exxon Mobil Corp. forecasts global oil demand in 2050 will be the same — or even slightly higher — than current levels, putting efforts to reach net zero carbon emissions by mid-century well out of reach.

Oil demand will remain above 100 million barrels a day through 2050, driven by growth in industrial uses such as plastic production and heavy-duty transportation, Exxon said Monday in its annual Global Outlook. The International Energy Agency’s Net Zero Emissions Scenario says demand must drop 75% to 24 million barrels a day by 2050 to limit warming to 1.5C (2.7F) above pre-industrial norms, as called for in the Paris climate agreement.