NEW YORK (AFP): ExxonMobil, the US oil and gas giant, reported on Monday that global oil demand is expected to remain high through 2050, despite advancements in renewable energy. The company attributes this to the growing population and rising global energy needs.

In its latest report, ExxonMobil forecasts that oil demand will plateau after 2030, remaining above 100 million barrels per day until 2050. This level is similar to last year's demand of 102.2 million barrels per day, as noted by the International Energy Agency.

This projection contrasts with BP's forecast, which estimated that oil demand could fall to about 75 million barrels per day by 2050 if current trends continue.

ExxonMobil's report highlights that around four billion people worldwide currently lack adequate energy access. With the global population expected to increase from eight billion to nearly 10 billion by 2050, the company predicts a 15 percent rise in global energy use over the coming decades.

While renewable energy will play a crucial role, oil and natural gas will remain significant. ExxonMobil projects that these fossil fuels will continue to account for more than half of the world's energy mix by 2050, despite a shift towards electric vehicles reducing gasoline consumption.

The majority of the world’s oil will be used for industrial applications, such as manufacturing and chemical production, as well as heavy-duty transportation including shipping, trucking, and aviation.

Nevertheless, ExxonMobil anticipates a reduction in global carbon emissions by about 25 percent by mid-century, driven by improved energy efficiency, increased use of renewables, and the adoption of lower-emission technologies like carbon capture and storage.