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Exxon warns of oil shock if suppliers assume demand will fall by 2050

Bullish forecast from US supermajor contrasts with predictions of rapid transition form fossil fuel

ExxonMobil has said global oil demand will remain virtually unchanged by 2050 and warned that any move to curtail investment in fossil fuels would trigger a new energy price shock.

In a forecast released on Monday, the US supermajor said oil demand would stay above 100mn barrels a day over the next 25 years — a forecast that assumes an energy transition will fail to curb the world’s thirst for fossil fuels.

Exxon warned of a new global oil shock if companies failed to keep investing to match that demand, saying crude prices could quadruple as supply fell.

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