Exxon Sees Net Zero Missed With 2050 Oil Demand as High as Today. Oil demand seen plateauing at 100 million barrels a day. ‘Catastrophic’ risk of failing to invest in new oil projects

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1. https://archive.fo/6TeNN

2. >The International Energy Agency’s Net Zero Emissions Scenario says demand must drop 75% to 24 million barrels a day by 2050 to limit warming to 1.5C (2.7F) above pre-industrial norms, as called for in the Paris climate agreement.

   >“The IEA says, as do we, that the world is not on that pathway,” said Chris Birdsall, Exxon’s director of economics and energy, in an interview. “We have to be crystal clear on the path the world is on. Otherwise, we delude ourselves.”

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

   Rather than sacrifice the fossil-fuel-driven economy, Birdsall is happy to sacrifice the planet’s biosphere on which all life depends.

   It’s a tradeoff.

3. Exxon can choose whether to satisfy short term “demand” or mitigate long term climate change.

4. getting desperate aren’t they?

5. As much as transition is swift and utterly vital, we also have to be realist about the current set of play and projections: oil is currently looking like it is here to stay. What are we going to do to change that? Pretending everything is rosy and the future is assured won’t help.

6. This sounds like a sales pitch more than science. Please invest or peak oil (demand or otherwise) will hit us.

7. Oil prices have been dropping for 5 months in a row and a strong but unsupported message like this is just the thing to juice the stock price!