Exxon Mobil released a global energy outlook Aug. 26 that shows without continued investment oil supplies will fall 70 million barrels per day short of meeting demand by 2030.
Demand will remain at or above the current rate of 100 barrels per day through 2050 to satisfy needs for industrial processes, such as manufacturing, chemical production and heavy-duty transportation.
Even if every new car sold in the world in 2035 were electric, oil demand in 2050 would still be 85 million barrels per day, the same level it was in 2010, according to Exxon.
Meeting that demand will require ongoing investment in existing and new resouces, the report stated.
By 2050, about half of global emissions will come from heavy industry and commercial transportation, the report stated. Reducing emissions in these sectors will require increased investment in developing technologies, such as biofuels, carbon capture and storage and hydrogen.
