Climate change policies not to affect demand for fuel, says Exxon

Climate change policies not to affect demand for fuel, says ExxonExxon Mobil has said in a new report that polices being devised around the world to combat climate change are not likely to affect the demand for oil and gas.

Exxon released a report in response to concerns from some shareholders and environmental activists that the company's assets will be worth much less as the world moves to restrict oil consumption. The company said that it has found that the policies will not affect the consumption and the company will continue to sell the fuel it has found and will find in the future.

The report said that there is a need to address climate change but claimed that governments are "highly unlikely" to adopt regulations that are seeking to reduce emissions significantly that can only be achieved by reducing consumption, because such polices are expected to global development and economic growth.

Exxon Mobil Corporation produces and markets commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and other products. Meanwhile, Exxon Mobil had reported $1.91 earnings per share for the quarter and the company's sahres were upgraded by investment analysts at BofA Merrill Lynch from a "neutral" rating to a "buy" rating on Thursday.

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