The head of the world’s biggest oil company has declared that the shift towards renewable energy sources is noticeably unsuccessful, urging governments to discard the illusion of eliminating oil and gas.
Speaking at the CERAWeek fossil fuels conference, Amin Nasser, CEO of Saudi Aramco, expressed scepticism about the International Energy Agency’s forecast of a global peak in oil demand by 2030. He argued that such a peak is unlikely to occur anytime soon.
Nasser predicted that oil demand would hit a record high in the latter half of this year, with substantial growth prospects in emerging economies.
He pointed out that electric vehicles, without government subsidies, cost up to 50% more than traditional internal combustion engine vehicles, stating that such subsidies cannot be sustained indefinitely.
During his address in Houston, he emphasized:
“The notion of phasing out oil and gas should be set aside. Instead, we need to invest in these resources based on realistic demand expectations. New energy sources and technologies should be integrated when they are truly ready and economically viable.”
