Saudi Aramco CEO Amin Nasser said on Monday global oil demand will not peak for some time, so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out fossil fuels.
In remarks to oil and gas executives at the CERAWeek conference in Houston, he added that despite growing investment, alternative energy has yet to displace hydrocarbons at scale.
"All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030," he said.
Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser remarked.
Moreover, he stated that shipping disruption in the Red Sea due to attacks by Yemen's Houthi militias had "made a tight situation tighter" in shipping markets.
He added, however, that the attacks had minimal impact on Saudi oil exports. Aramco remained resilient, aided by its strategic infrastructure, including the East-West pipeline.
He reiterated Aramco’s substantial spare capacity of 3 million bpd, reaffirming the company’s readiness to address any unforeseen disruptions in global oil supply.
