28% of US oil and gas executives expect global oil consumption to be ‘slightly higher’ in 2050 than it is now, finds survey
November 2023 - Oil and Gas
28% of U.S. oil and gas executives expect global oil consumption to be ‘slightly higher’ in 2050 than it is now: A survey in the U.S. has found that 28% of oil and gas executives expect global oil consumption to be ‘slightly higher’ in 2050 than it is now, while an additional 25% expect it to be 'significantly higher'. A quarter of respondents said they expect consumption to be 'slightly lower' in 2050, with an additional 8% expecting it to be 'significantly lower'. Fifteen percent anticipated global oil consumption in 2050 to be similar to current levels.
The Dallas Fed Energy Survey polled 138 oil and gas company executives, also asking about the expected impact of the energy transition on oil prices five years from now.
The most commonly given response, by a third of respondents (33.3%) was a 'slight increase', while 32.6% expected a 'significant increase'. A quarter (35%) foresaw 'no impact' while 9% predicted a decrease in oil prices due to the energy transition.
Hiring and retaining staff
When asked over the next five years which sectors respondents believe their company will compete with most when it comes to employing and retaining workers, the service sector came top, with a third of respondents giving this answer (33%). This was followed by construction (26%), renewables (15%), manufacturing (8%) and transportation and warehousing (5%). A further 11% said 'other'.
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