Saudi Aramco Urges World Unity around New Energy Transformation Plan

President and CEO of Saudi Aramco, Amin bin Hassan Nasser (Reuters)
President and CEO of Saudi Aramco, Amin bin Hassan Nasser (Reuters)
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Saudi Aramco Urges World Unity around New Energy Transformation Plan

President and CEO of Saudi Aramco, Amin bin Hassan Nasser (Reuters)
President and CEO of Saudi Aramco, Amin bin Hassan Nasser (Reuters)

President and CEO of Saudi Aramco, Amin bin Hassan Nasser, emphasized the need for a more reliable energy transition plan, in a keynote speech on Tuesday at the Schlumberger Digital Forum.

In his speech, Nasser underlined the importance of achieving a new global consensus of views and positions, outlining three strategic axes: “Recognition by policy makers and other stakeholders that supplies of ample and affordable conventional energy are still required over the long term; further reductions in the carbon footprint of conventional energy, and greater efficiency of energy use, with technology enabling both; and new, lower carbon energy, steadily complementing proven conventional sources.”

Highlighting the consequences of not having a reliable and balanced plan for energy transformation, he said: “The energy transition plan has been undermined by unrealistic scenarios and flawed assumptions because they have been mistakenly perceived as facts. For example, one scenario led many to assume that major oil use sectors would switch to alternatives almost overnight, and therefore oil demand would never return to pre-Covid levels.”

He continued: “Perhaps most damaging of all was the idea that contingency planning could be safely ignored… Because when you shame oil and gas investors, dismantle oil-and coal-fired power plants, fail to diversify energy supplies (especially gas), oppose LNG receiving terminals, and reject nuclear power, your transition plan had better be right.”

On the importance of increasing investment in the oil and gas sector, the CEO of Saudi Aramco expressed concern, as oil and gas investments have declined significantly during the past ten years.

“This situation is not being helped by overly short-term demand factors dominating the debate. Even with strong economic headwinds, global oil demand is still fairly healthy today. But when the global economy recovers, we can expect demand to rebound further, eliminating the little spare oil production capacity out there. And by the time the world wakes up to these blind spots, it may be too late to change course,” Nasser explained.

He emphasized the need for the world to unite behind a new and credible energy transformation plan, saying: “As the pain of the energy crisis sadly intensifies, people around the world are desperate for help. In my view, the best help that policy makers and every stakeholder can offer is to unite the world around a much more credible new transition plan, driving progress on the three strategic pillars I have outlined this morning.”

He concluded: “The new plan will not be perfect. In life, nothing ever is. But that is how we deliver a more secure and more sustainable energy future, with our industry still at its heart. That is how we can ease people’s pain. And that is how spring will come again.”



Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP

President Vladimir Putin on Friday urged officials not to let Russia fall into recession "under any circumstances", as some in his own government warned of a hit to economic growth.

Economists have warned for months of a slowdown in the Russian economy, with the country posting its slowest quarterly expansion in two years for the first quarter of 2025, reported AFP.

The Kremlin has said this was to be expected after two years of rapid growth as it ramped up military expenditure to fund the Ukraine campaign, but officials including the country's economy minister have raised alarm about possible pain ahead.

"Some specialists and experts are pointing to the risks of stagnation and even a recession," Putin told attendees at Russia's flagship economic forum in Saint Petersburg.

"This must not be allowed to happen under any circumstances," he said.

"We need to pursue a competent, well-thought-out budgetary, tax and monetary policy," he added.

The Russian economy grew in 2023 and 2024 despite the West's sweeping sanctions, with massive state spending on the military powering a robust expansion.

But analysts have long warned that heavy public investment in the defense industry is no longer enough to keep Russia's economy growing and does not reflect a real increase in productivity.

At his address to the forum on Friday, Putin was upbeat about Russia's economic prospects and denied the economy was being driven solely by the defense and energy industries.

"Yes, of course, the defense industry played its part in this regard, but so did the financial and IT industries," he said.

He said the economy needed "balanced growth" and called on officials to keep a "close eye on all indicators of the health of our industries, companies and even individual enterprises."