Exxon Sees Global Oil Demand Plunging by 2040 Under Climate Regulations

Exxon Mobil Corp said on Friday that it expects global oil demand to drop sharply by 2040 if regulations aimed at limiting the impact of greenhouse gas emissions on climate are fully implemented.

Under this scenario Exxon projected world oil consumption will drop 0.4 percent annually to 2040 to about 78 million barrels per day (bpd).  That is about 25 percent below current levels, which the U.S. Energy Information Administration puts at 98 million bpd.

The findings were contained in a report produced after Exxon’s shareholders supported a climate-impact resolution last year and Exxon’s board approved a plan to analyze the effects.

Exxon’s climate-impact report comes roughly three years after almost 200 nations met in Paris to set a goal of limiting the rise in the world’s average surface temperatures.

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