This picture of the future suggests that oil demand will be around 96 million b/d in 2025 and 85 million b/d by 2035. However, recent events in the energy sector suggest that oil companies might get a leeway to grow production and even relax climate goals as long as oil and gas prices remain high. Last year, Exxon Mobil (NYSE:XOM) found itself in trouble after a tiny hedge fund by the name Engine No. 1 successfully waged a battle to install three directors on the board of Exxon with the goal of pushing the energy giant to reduce its carbon footprint. Engine No. 1 enjoyed the stunning victory thanks to support from BlackRock, Vanguard and State Street who all voted against Exxon's leadership. Luckily, Exxon has finally managed to turn the tables and get shareholders on its side: last week, Exxon recorded a major victory after its shareholders supported the company's energy transition strategy at the annual general meeting.