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2050 oil demand to remain above 100 MMbpd despite net zero plans, ExxonMobil reports

Demand will be high enough that failing to invest now in new oil and gas projects would be “catastrophic,” Birdsall said. Without new investment, Exxon sees oil supply falling 70% to 30 MMbpd by 2030, sending crude prices soaring and decimating the global economy.

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