Exxon Mobil's forecast suggests that oil and natural gas will still account for over half of the world's energy mix by 2050, despite global efforts to transition away from fossil fuels. Fossil fuels currently make up about 80% of global energy consumption. While oil demand is expected to plateau after 2030, it will remain at 100 million barrels per day through 2050. Exxon highlights that oil will continue to be crucial for manufacturing, chemical production, and transportation. The company warns that halting investment in new oil production could lead to severe supply shortages, skyrocketing energy prices, and an economic crisis.
