Exxon forecasts global oil demand will fall by 2040 to 78 mn barrels a day

The findings were contained in a report produced after Exxon's shareholders supported a climate-impact resolution last year and Exxon's board approved a plan to analyse the effects

Exxon Mobil said on Friday that it expects global oil demand to drop sharply by 2040 if regulations aimed at limiting the impact of greenhouse gas emissions on climate are fully implemented.

Under this scenario, Exxon projected world oil consumption will drop 0.4 per cent annually in 2040 to about 78 million barrels per day (bpd). That is about 25 per cent below current levels, which the U.S. Energy Information Administration puts at 98 million bpd.

The findings were contained in a report produced after Exxon’s shareholders supported a climate-impact resolution last year and Exxon’s board approved a plan to analyse the