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Exxon CEO points to rising oil demand despite Paris-driven carbon limits

Published 05/31/2017, 12:29 PM
© Reuters.  Exxon CEO points to rising oil demand despite Paris-driven carbon limits
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  • Oil demand will continue to grow in the coming decades even as the world strives to reduce greenhouse gas emissions to counter climate change, Exxon Mobil (XOM -0.6%) CEO Darren Woods says at the company's annual shareholder meeting.
  • Population growth and a desire for higher living standards will increase usage of petroleum-based fuels, especially for transportation, Woods says, also noting the untapped energy market among the 1B people who currently have no access to electricity and the 3B who do not use modern cooking fuels.
  • XOM forecasts the need for $11T in oil and gas investment, and the company believes it will come out ahead in a survival of the fittest.
  • Now read: Crude Oil: Why I'm Still Bearish


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