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Saudi Aramco CEO Says Phasing out of Fossil Fuels Is a ‘Fantasy’ 

Saudi Aramco CEO Amin Nasser speaks at the CERAWeek conference in Houston. (X platform)
Saudi Aramco CEO Amin Nasser speaks at the CERAWeek conference in Houston. (X platform)
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Saudi Aramco CEO Says Phasing out of Fossil Fuels Is a ‘Fantasy’ 

Saudi Aramco CEO Amin Nasser speaks at the CERAWeek conference in Houston. (X platform)
Saudi Aramco CEO Amin Nasser speaks at the CERAWeek conference in Houston. (X platform)

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.

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China Stocks Rally to Decade-high on Easing Tariff Tensions, Fund Rotation

A woman and a girl walk in a park in Beijing, China August 17, 2025. REUTERS/Maxim Shemetov
A woman and a girl walk in a park in Beijing, China August 17, 2025. REUTERS/Maxim Shemetov
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China Stocks Rally to Decade-high on Easing Tariff Tensions, Fund Rotation

A woman and a girl walk in a park in Beijing, China August 17, 2025. REUTERS/Maxim Shemetov
A woman and a girl walk in a park in Beijing, China August 17, 2025. REUTERS/Maxim Shemetov

China stocks closed at their highest level since 2015 on Monday, extending a months-long rally driven by easing trade tensions and abundant liquidity, while pushing market capitalization to a record peak.

The Shanghai Composite Index rose 0.9% to 3,728.03, its strongest close since August 2015. The CSI 300 Index also climbed by 0.9% to a ten-month peak.

The Shanghai benchmark has now advanced some 22% since the low struck in early April, buoyed by the extension of the US-China trade truce, Beijing's crackdown on excessive competition, and a rotation of funds from bonds into equities, which brokers say has flooded the market with liquidity, Reuters reported.

Total market capitalization of over 5,400 China-listed companies has risen above 100 trillion yuan ($13.9 trillion) for the first time, reflecting both price appreciation and a surge in listings over the past decade.

Winnie Wu, Bank of America's chief China equity analyst, said that positive developments on the geopolitical front and clearer policy direction from Beijing have all helped compress the equity risk premium and trigger a re-rating, despite the rally running against fundamentals odds.

"There are renewed hopes on domestic retail flows," she wrote in a note to clients.

In a sign of heightened investor activity, onshore turnover reached nearly 2.8 trillion yuan on Monday, the highest since October when Beijing’s sweeping stimulus measures triggered a sharp rally.

Hao Hong, chief investment officer at Lotus Asset Management, said the market may face near-term resistance due to profit-taking pressure, but added that many remain hopeful the bull run can extend despite headwinds.

Leading the rally on Monday onshore, the rare earth sector surged 5.3% to a fresh high since December 2021. The AI sector jumped 3.8% and the information technology sector rose 2.5%.

In Hong Kong, the benchmark Hang Seng Index closed down 0.4% to give up earlier gains, weighted by the property sectors,.

The Tech Index rallied 0.7%, while the EV sector jumped 1.9%.