10:26 AM EDT, 08/26/2024 (MT Newswires) -- Exxon Mobil ( XOM ) said Monday in its 2024 global outlook that it expects oil demand to plateau after 2030 but remain above 100 million barrels per day through 2050.

According to the International Energy Agency, global oil production needs to be reduced to 24 million barrels per day from approximately 90 million barrels per day in 2020 to reach net zero of greenhouse gasses.

"It is important to note that the IEA acknowledges that society is not on a net-zero pathway," Exxon said.

Exxon also said that if every new car sold in the world in 2035 were electric, oil demand would still be 85 million barrels per day by 2050, the same as it was in 2010.

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