Total Energies is leaving it to others to meet the carbon reduction goals in the Paris agreement, after the Paris-based colossal fossil predicted the world will hit peak oil demand around 2030 but still produce 40 to 64 million barrels per day in 2050.
At Total’s annual Investor Day Monday and Tuesday, CEO Patrick Pouyanné said the company expects virtually no decrease in oil consumption by 2030.
“According to our trajectory, by 2030 we are more around 90 million barrels per day, and that means that we need to continue to invest in some oil and gas fields” Pouyanné said.
According to data from BP, the world extracted just under 95 million barrels per day of oil in 2019. This dropped slightly in 2020 to 88 million barrels per day, due to the Covid pandemic.