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R&D Cooperation Between Aramco, MIT

R&D Cooperation Between Aramco, MIT
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R&D Cooperation Between Aramco, MIT

R&D Cooperation Between Aramco, MIT

Aramco Services Company (ASC), the North American arm of Saudi Aramco, revealed Sunday that it had struck a $25 million-worth five-year research and development (R&D) cooperation agreement with the Massachusetts Institute of Technology (MIT).

The partnership focuses on R&D in the areas of sustainable and renewable energy, advanced materials, carbon capture, utilization and storage, environmental science, conservation and reuse of water resources, and advanced techniques including computational modeling, artificial intelligence, nanotechnologies and robotics.

“We are delighted to be collaborating with MIT which is a distinguished, world class institution recognized for its groundbreaking research excellence," said Saudi Aramco President and CEO Amin Nasser.

"Our engagement with the MIT Energy Initiative is working well and the long term potential for continuing to make significant energy technology breakthroughs is showing considerable promise.”

The collaboration underscores a mutual commitment to leveraging R&D to develop new solutions with the potential to address global energy and climate challenges, the firm said. It also builds on Aramco’s existing engagement with MIT Energy Initiative and its Low-Carbon Energy Centers.

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Saudi Energy Minister: Two Billion People Worldwide Suffer from Energy Shortages

Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 
Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 
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Saudi Energy Minister: Two Billion People Worldwide Suffer from Energy Shortages

Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 
Saudi Minister of Energy Prince Abdulaziz bin Salman (OPEC website) 

Saudi Energy Minister Prince Abdulaziz bin Salman has warned that the global energy transition must not come at the expense of economic growth and the cost of living. He highlighted that nearly two billion people around the world are currently facing energy shortages.

Speaking at the opening session of the 9th OPEC International Seminar in Vienna, the minister stressed that the path toward energy transition must be realistic and practical. He emphasized that this shift should not be viewed as a threat to oil producers, but rather as an opportunity for technological innovation.

Despite the growing use of renewable, nuclear, and hydrogen energy sources, Prince Abdulaziz maintained that oil and gas will remain essential and irreplaceable components of the global energy mix. He welcomed the fact that an increasing number of countries are adopting a more pragmatic view of the transition.

Also speaking at the seminar, UAE Energy Minister Suhail Al Mazrouei said on Wednesday that oil markets have been able to absorb OPEC+ production increases without a rise in inventories, indicating that global demand still requires more crude.

Al Mazrouei explained that the group is not concerned about oversupply and has seen no significant stockpile build-up, even after recent production hikes.

OPEC+, which supplies around half of the world’s oil, has been cutting production for several years to support market stability. However, the group recently began easing these cuts in response to rising global demand, particularly during the summer.

OPEC+ began unwinding its 2.17 million barrel-per-day production cut in April, increasing output by 138,000 barrels per day. That was followed by monthly hikes of 411,000 barrels per day in May, June, and July. On Saturday, the group approved a further increase of 548,000 barrels per day for August.

Al Mazrouei pointed out that the absence of a significant buildup in inventories despite these steady increases suggests that the market needed those barrels.

He added that stability - not just price - should be the focus, stressing that short-term thinking based solely on price is insufficient. He noted that oil prices must remain attractive enough to draw in new investments, warning that countries with large oil reserves still are not investing at the necessary levels.