Energy majors of the US and Europe see continued strong demand for oil and gas

According to the analysts at OilPrice, energy majors in Europe, including Shell, BP and Equinor, are once again focusing on oil and gas. As stated by Equinor, Norway plans to maintain high levels of hydrocarbon production up to at least 2035.

Meanwhile, Shell forecasts oil demand to grow by 3.5 million barrels per day until the early 2030s. After that, it is expected to decelerate to some extent. However, as the company's analysts believe, this process will be slow due to the convenience and availability of oil.

As estimated by Shell, in any case, heavy investments in oil production will be needed to meet the strong demand for crude in the coming decades. Due to still high volumes of oil consumption, Shell CEO Wael Sawan considers potential production cuts a “dangerous” move.

Meanwhile, US oil companies, including ExxonMobil and Chevron, continue to see oil and gas as key energy sources for the global economy. According to ExxonMobil's forecast, the hydrocarbons will remain in demand “under any credible scenario.” The company also believes that by 2050, more than 50% of global energy demand will still be met by oil and gas.