Exxon projects annual oil demand of 100 million barrels per day by 2030. Worldwide demand for 2011 is expected to be about 88 million barrels per day, according to the analysis firm Wood Mackenzie.
Colton said Thursday that the oil industry will have "no problem whatsoever" meeting the increased oil demand. He expects the industry to have 5 million to 6 million barrels per day of excess capacity throughout the next twenty years.
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