Exxon sees global oil demand dropping under 2C climate regulations
HOUSTON (Reuters) - Exxon Mobil Corp said on Friday that it expects global oil demand to drop through 2040 if regulations aimed at limiting climate change to 2 degrees Celsius (36 degrees Fahrenheit) are fully implemented.
Exxon sees the world’s oil consumption dropping 0.4 percent annually to 2040 to about 78 million barrels per day. Demand for natural gas would grow 0.5 percent per year to about 445 billion cubic feet per day under the scenario, Exxon said.
The report came after years of environmental and investor pressure. In May, 62 percent of shares voted at Exxon’s annual meeting supported a non-binding call for the annual climate-impact review.