Wednesday, October 8, 2025

Latest

Exxon’s Oil Outlook Surpasses BP’s by 25%, Forecasts Steady Demand to 2050

Exxon Mobil Corp (XOM:NYSE) has released its latest global oil outlook, projecting that crude demand will remain above 100 million barrels per day through 2050, a forecast 25% higher than its European rival BP (LON: BP). This projection reflects Exxon’s ambitious production growth plans, which are the most aggressive among Western oil majors.

The company’s outlook presents a more conservative view on global carbon emissions reductions compared to BP, suggesting that technological advancements will enable emissions reductions after 2029, rather than by mid-decade as BP predicts. Exxon plans to increase its oil and gas production to 4.3 million barrels per day this year, significantly outpacing its competitors.

Chris Birdsall, Exxon’s Economics, Energy and Strategic Planning Director, told Reuters that they see oil and gas demand continuing to grow over the next few years. The company’s projections indicate that electric vehicles will not significantly impact long-term global oil demand, citing population growth as a key factor in increasing energy demand.

Exxon’s forecast suggests that even if all new cars sold globally in 2035 were electric, crude oil demand would still be 85 million bpd, comparable to 2010 levels. This estimate contrasts sharply with the International Energy Agency’s projection of 24 million bpd needed to achieve net-zero emissions by 2050.

The company projects that fossil fuels will continue to dominate the global energy mix in 2050, accounting for 67% of energy supply. Exxon warns that without new investments, oil production could decline by about 15% per year, potentially leading to a dramatic increase in oil prices and a significant drop in global supply by 2030.

Birdsall stressed the importance of continued investments in oil production, particularly in unconventional resources like US shale, which have shorter production lifespans and steeper decline rates compared to traditional oil fields. This shift in production sources is cited as a major factor in the projected decline rates and the need for ongoing investment in the oil industry.


Information for this story was found via Reuters, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Fortune Bay: The Potential Billion Dollar Project

Japan Gold Enters New Chapter as Barrick Alliance Concludes – John Proust

Barrick Mining’s “Company Defining [Gold] Discovery”

Recommended

Nord Precious Metals Produces High Grade Silver Concentrate From Tailings

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Related News

Big Oil-Backed Hydrogen Hub Proposal Seeks Federal Funding

A group of oil companies, together with energy-focused organizations and a university, is working to...

Friday, January 27, 2023, 01:29:00 PM

Is Big Oil Moving To Big Lithium?

Major US oil companies are shifting their focus to lithium, a crucial component in electric...

Wednesday, July 26, 2023, 03:40:00 PM

Exxon Mobil Being Investigated by SEC Over Permian Basin Asset Valuation

Shares of Exxon Mobil Plummeted by over 5% on Friday, following a report by the...

Monday, January 18, 2021, 11:20:00 AM

BP To Slash More Jobs as Profit Halves

BP (NYSE: BP) is deepening its cost-cutting drive, now eyeing an additional 3,400 job cuts...

Tuesday, April 29, 2025, 12:10:00 PM

Sheffield Renounces Exxon Board Seat Following Pioneer Acquisition Debacle

Scott Sheffield, the founder of Pioneer Natural Resources and one of ExxonMobil’s largest individual shareholders,...

Sunday, July 20, 2025, 07:37:00 AM