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Chasing big mergers, oil executives dismiss peak oil concerns

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The New York Times or enjoy below:

🗞️ Driving the news: Exxon Mobil and Chevron, the U.S.'s top oil giants, have recently pledged to invest over $50 billion each in acquisitions of smaller firms, with the aim to boost their oil and natural gas production for the foreseeable future

🔭 The context: This move comes at a time when the International Energy Agency (IEA) has released a report predicting that the demand for fossil fuels will peak by 2030, driven by the rise in electric vehicle sales and increased use of renewable energy

🌍 Why it matters for the planet: The decisions of these oil behemoths are in stark contrast to the projections of many energy experts
• While the oil industry is focusing on expanding its fossil fuel ventures, there's a global shift towards cleaner energy solutions

⏭️ What's next: The IEA believes that the oil companies might be making a misguided bet, pointing to the rapid growth in renewable energy and electric vehicle sales
• However, oil executives, such as Scott Sheffield of Pioneer Natural Resources, counter this by emphasizing the continued demand for their products

💬 One quote: “The transition to clean energy is happening worldwide and is unstoppable.” (Fatih Birol, executive director of the IEA)

📈 One stat: According to the IEA, one out of every five new vehicles sold this year will be battery-powered, a significant increase from one out of every 25 in 2020

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