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‘Global oil demand to drop sharply by 2040 under climate regulations’

HOUSTON: Exxon Mobil Corp said 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 percent annually to 2040 to about 78 million barrels per day (bpd). That is about 25 percent 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…