America’s recent increase in oil output – not the total production figure, just the increase – is more than the daily production from major oil-producing nations like Venezuela, Nigeria, Kazakhstan, Angola, and Libya.
ExxonMobil just released our annual Outlook for Energy, which we use to guide our long-term business decisions. We also make the Outlook public to help policymakers and other stakeholders understand the global energy and economic trends.
Recently there has been media interest in how large corporations like ExxonMobil address the potential for new regulations addressing climate change risk when drawing up future business plans. In light of this, I thought the most helpful thing would be to share our corporation’s view on the topic.
As recently as 2011, North America and Western Europe each produced the same amount of basic chemicals and plastics: about 30 million tons apiece. When it came to petrochemical production, the two regions were matched fairly evenly. But not for long. By 2020, North American output will more than double to 70 million tons, while in Europe it will shrink by fully one-third.