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Saudi Energy Minister: Last Oil Barrel Produced Globally will be from Saudi Arabia

Saudi Energy Minister: Last Oil Barrel Produced Globally will be from Saudi Arabia

Wednesday, 25 October, 2017 - 11:30
Saudi energy minister Khalid al-Falih REUTERS/Faisal Al Nasser

Saudi Minister of Energy and Industry Khalid al-Falih supported the public offering of Saudi Aramco and confirmed the company has several elements that attract investments.

Speaking before international investors in Riyadh, Falih stated that Aramco has the exclusive access to develop quarter of the world’s conventional crude resources, at the lowest cost producer.

He added: “Saudi Aramco is going to be the supplier of last resort and I am certain that the last barrel that gets produced globally is going to be here in Saudi Arabia."

Falih stated that Aramco was a compelling investment in a world that is gradually shifting away from fossil fuels to renewable energy. He reiterated that the kingdom would remain a cornerstone of the global oil industry through Aramco.

Regardless of what happens to oil demand growth or the shift to electric cars, the current era is the time of renewable energy, according to the minister.

He dismissed fear concerning the effect of electric cars on oil demand, saying that production of the cars will increase the demand on products such as chemicals, plastics, and aluminum.

The minister informed the conference that the Kingdom is establishing local cars production industry. He assured the attendees that the demand for regular cars in the region and Saudi Arabia will increase over the coming few years.

Global oil demand is expected to grow by 45 percent by 2050 despite an international push for using more renewable sources of energy, according to Falih. He added that demand for fossil fuels will increase 70 percent by 2050 and demand for oil will be about 115 million barrels per day during 2050.

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