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Exxon still expects fossil fuels to make up the majority of energy in 25 years
Stubborn oil and gas demand jeopardizes the goal of achieving net-zero carbon dioxide emissions by 2050 to keep global warming in check.
Oil and natural gas will still make up more than half of the world's energy mix in 2050 despite efforts to transition away from fossil fuels, according to a forecast published by Exxon Mobil on Monday. Saudi Aramco CEO Amin Nasser said in March that the energy transition is failing, calling the idea of phasing out oil and natural gas a "fantasy" as demand continues to rise in emerging economies. The shift to extracting crude from shale formations, which decline more quickly, means production would naturally fall at a rate of 15% annually, according to the oil major.
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