Head of world’s largest energy company says world needs to accept that oil will be around for a long time

Global oil demand will not peak for some time, Saudi Aramco CEO Amin Nasser said on Monday at the CERAWeek by S&P Global energy conference in Houston. (Andrea Hanks/CERAWeek by S&P Global - image credit)



As head of the world’s largest energy company, Amin Nasser says get over it….the “hard realities” that oil and natural gas will be around for a long time should be accepted by the world.

Nasser is CEO of Saudi Aramco and carried his message this week to Houston where he spoke at the annual energy CERAWeek held by S&P Global.

“We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately reflecting realistic demand assumptions,” he said, reported CBC.

While some places have climate goals of 2030, Nasser noted that oil consumption will reach a record 104 million barrels a day this year and will keep growing through 2045.

“All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,” he said. “No one is betting the farm on that.”

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