An alternative view of energy demand from the IEA. On page 26 they are showing their projection of oil and gas demand peaking before 2030. By 2050, demand decreasing about 5% for both oil and gas. Yes demand continues but will be dropping. My investment thesis is that supply will drop quicker than demand drops which will push pricing higher. I am quite long on XOM.

iea.blob.core.windows.net: PDF document

The projection is based on current policies, not what is required to meet net zero by 2050. From the report in Section 1-1.

In the WEO-2023, the Stated Policies Scenario (STEPS) sees lower demand projections for
each of the fossil fuels than in the WEO-2022. This reflects current policy settings by
governments worldwide, a slight downward revision in the economic outlook, and the
continued ramifications of the 2022 global energy crisis. It also reflects longer term trends:
fossil fuel technologies have been losing market share to clean energy technologies across
various sectors in recent years, and in many cases fossil fuel-powered technologies have
already seen a peak in sales or additions.