Exxon Outlook: Natural Gas Demand to Rise Another 20% by 2050

ExxonMobil issued its annual Energy Outlook yesterday, a report that peers into the crystal ball to predict where the energy sector is headed from now until 2050. The company bets its future on what it thinks will happen. In this latest report, Exxon projects that global natural gas demand will rise by over 20% by 2050, as it replaces coal in industry and meets growing electricity needs in developing countries. Based on that view, the company plans to grow its production by 18% over the next five years. Exxon predicts that global oil demand will plateau after 2030, although it is expected to remain above 100 million barrels per day. The crystal ball suggests that gasoline demand will drop 25% due to the rise of electric vehicles (we beg to differ). However, demand for distillates for transportation is expected to remain strong.

---

To view this content, log into your member account. (Not a member? Join Today!)