Oil and natural gas will continue to supply around 20% of the world's energy needs until 2040, ExxonMobil predicts in its latest long-range forecast for the energy sector. The Outlook for Energy envisages oil demand will rise about 55% in the period, with the the commercial transportation and chemical industries driving the increase. Growing electrification is likely to reduce demand for liquid fuels for light-duty vehicles from 2030, the analysis concludes.
Oil and natural gas will continue to supply about 55% of the world's energy needs until 2040, ExxonMobil predicts in its latest long-range forecast for the energy sector. The Outlook for Energy envisages oil demand will rise around 20% in the period, with the the commercial transportation and chemical industries driving the increase. Growing electrification is likely to reduce demand for liquid fuels for light-duty vehicles from 2030, the analysis concludes.