Last month, U.S. oil and gas supermajor Exxon Mobil Corp. (NYSE:XOM) released its long-term global energy outlook report. Al Jaber, chief executive officer of the Abu Dhabi National Oil Company (Adnoc) and president of last year’s Cop28 summit says that the current trajectory of rapid energy demand growth is unsustainable. Last year, ExxonMobil and Saudi Aramco pushed back on a prediction by Bloomberg that global oil demand will peak in 2027. Exxon says efficiency gains in developed countries will be more than enough to offset energy demand growth due to population growth. Nasser has predicted that global oil demand will hit 110 million barrels per day (bpd) by 2030, up from 102 million b/d in 2023.

Source: The North Africa Journal February 22, 2024 04:38 UTC