Houston

IF climate change curbs live up to their promise, oil demand may fall 20 per cent by 2040, Exxon Mobil Corp says in one forward-looking report. But a more likely scenario is it will grow by 20 per cent, the company says in separate outlook. The reports were both released on Friday. Which one to believe?

The first comes in response to a shareholder vote last year that demanded Exxon publish the risks it faces if the world hits its carbon-emissions goal to limit global warming to 2 degrees Celsius above pre-industrial levels.