Saudi Aramco Chief Executive Officer Amin Nasser said on Monday that the company can sustain its maximum crude oil production capacity of 12 million barrels per day for an entire year without incurring additional costs.
Speaking at the Energy Intelligence Forum in London, Nasser said: “We are determined to remain dominant in oil thanks to a massive resource base, low costs, and one of the lowest upstream carbon intensities across the industry.”
According to Reuters, the Aramco chief projected that global oil demand will grow between 1.1 million and 1.3 million barrels per day this year, and by about 1.2 to 1.4 million barrels per day in 2026. He noted that Aramco’s extraction costs remain among the world’s lowest, around $2 per barrel of oil equivalent and $1 per barrel of gas.
Nasser added that despite a global economic slowdown, Aramco intends to expand its chemicals business. “Chemicals remain a key long-term growth area, supported by our proven strengths in feedstocks and conversion,” he said.
He warned that unrealistic assumptions about the pace of the energy transition have led to unintended consequences, calling for a more pragmatic approach to global energy policy.
“We also see resilient demand, and the pressing need for long-term investments in supply is now widely accepted,” he stated.
While acknowledging growth in electric vehicles and renewables, Nasser cautioned that these alternatives still cannot meet overall demand growth. He explained that even in advanced economies, high costs, technical constraints, and limited public acceptance make current transition pathways difficult to sustain.
He urged analysts and policymakers to “revisit their forecasts and scenarios” to reflect the continuing importance of oil and gas for decades to come, an adjustment he described as a “green light” for renewed investment in hydrocarbons.
Outlining Aramco’s strategy, Nasser said the company is accelerating gas development, capitalizing on some of the world’s largest conventional and unconventional reserves. The chemicals sector, he reiterated, will remain a core pillar of Aramco’s long-term growth.
He also underscored Aramco’s focus on technology and innovation, including artificial intelligence applications, lower-emission production, and expansion of its $7 billion global venture capital program.
“This balanced strategy,” Nasser said, “positions Aramco for a realistic energy future and creates sustainable, long-term value for stakeholders and shareholders worldwide.”
