ExxonMobil Predicts Steady Oil Demand Through 2050

Company's report challenges green energy transition goals, foreseeing fossil fuels as primary energy source despite renewable growth.

ExxonMobil projects global oil demand to remain above 100 million barrels per day through 2050.
The report anticipates oil and natural gas will constitute over half of the world's energy mix by mid-century.
Developing nations' rising energy needs are expected to drive a 15% increase in global energy use.
Renewables will grow but won't significantly dent fossil fuel dominance, according to ExxonMobil.
Exxon warns that underinvestment in oil production could lead to severe supply shocks and economic crises.