Aramco CEO Calls for Proactive Measures to Avert Severe Energy Crisis  

Aramco CEO and President Amin Nasser. (Aramco)
Aramco CEO and President Amin Nasser. (Aramco)
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Aramco CEO Calls for Proactive Measures to Avert Severe Energy Crisis  

Aramco CEO and President Amin Nasser. (Aramco)
Aramco CEO and President Amin Nasser. (Aramco)

CEO and President of Saudi Aramco Amin Nasser urged proactive measures to avoid an escalating energy crisis and prevent a growing divide in energy transitions between the developed North and the developing South.

Speaking at the 24th World Petroleum Congress (WPC) in Calgary, Canada, Nasser emphasized the world deserves a more realistic, more robust energy transition plan, which should reasonably incorporate the continued deployment of new energy while recognizing the continued need for conventional power.

Nasser stressed that energy transition strategies should consider potential consequences if energy security and affordability are overlooked. He welcomed global leaders' acknowledgment that realistic solutions are necessary for the transition phase.

He warned that phasing out conventional energy prematurely could put energy security and affordability priorities at risk.

Addressing the risk of a global energy gap, Nasser noted, "While much of the Global North is focusing on environmental sustainability, the priority for many in the Global South is economic survival."

"Transition planning has not sufficiently recognized this clear need for distinctive solutions, and a widening divide is inevitable."

The official discussed the risks of prematurely phasing out traditional energy.

"The current transition shortcomings are already causing mass confusion across industries that produce and/or rely on energy. Long-term planners and investors do not know which way to turn," he said.

Nasser warned that it increased the risk of acute supply-demand imbalances in conventional energy and, therefore, an even more severe energy crisis where countries and people, not just assets, are stranded.

He announced: "We are talking about the complete transformation of a $100 trillion global economy. One that is likely to roughly double in size by 2050, with nearly an additional two billion energy consumers. In short, the re-invention of our energy-based way of life in less than 30 years."

Nasser received the World Petroleum Congress Dewhurst Award, given to the most influential global oil, gas, and energy leaders. Nasser is the twelfth award recipient in the Council's 90-year history.



Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia's Non-Oil Exports Hit Historic High of SAR515 Billion in 2024

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia's non-oil exports reached an unprecedented SAR515 billion in 2024, marking the highest value in the Kingdom's history. This achievement represents a significant 13% increase compared to the previous year and an impressive growth of over 113% since the launch of Vision 2030.

The robust growth spanned all export sectors. Merchandise exports climbed to SAR217 billion (+4%), fueled by respective increases of 2% and 9% in petrochemical and non-petrochemical exports, reported the Saudi Press Agency on Saturday.

Re-exports surged to SAR90 billion, demonstrating a remarkable 205% growth since the inception of Vision 2030. Services exports also reached an all-time high of SAR207 billion, exhibiting a 14% year-on-year increase and a substantial 220% rise since Vision 2030's announcement.

Saudi Export Development Authority CEO Abdulrahman Althukair attributed this historic non-oil export performance to the Kingdom's sustained efforts in economic diversification and enhancing the competitiveness of national products.

He highlighted the authority's commitment to facilitating national companies' access to new markets and bolstering their export capabilities through comprehensive programs encompassing training, empowerment, promotion, and advisory services. This aligns with Vision 2030's goals to establish a thriving economy where non-oil exports are a key driver of sustainable growth.

In 2024, petrochemical commodity exports amounted to SAR149 billion, constituting 68% of total commodity exports, and registered a 2% increase in value and weight compared to the previous year.

Non-petrochemical commodity exports achieved a remarkable SAR69 billion (32% of total commodity exports), the highest value in recent years. This included record export figures for over 205 Saudi products, such as food and dairy products, minerals, and building materials. Fertilizer exports also demonstrated exceptional growth, with product weight reaching a historic peak in 2024, increasing by 5% year-on-year, and more than fivefold in value since the launch of Vision 2030.

The Kingdom's re-export sector also delivered a historic performance in 2024, reaching SAR90 billion, a 205% increase compared to 2016, a 42% rise year-on-year, and a 114% increase compared to 2019. This was primarily driven by the re-export of mobile phones, which reached a record value of SAR25 billion, more than doubling their 2023 value. The operation of the integrated logistics zone at King Khalid International Airport played a significant role in this remarkable growth by enhancing supply chain efficiency and facilitating re-export operations.

Machinery, automated devices, transportation equipment, and parts thereof constituted 84% of total re-exports in 2024. Re-exports of aircraft parts also experienced substantial growth, increasing from SAR1.6 billion in 2022 to over SAR2 billion in 2024.

In 2024, the Kingdom exported goods, re-exports, and services to over 180 countries, with 37 countries registering record import values, including the UAE, Bahrain, Iraq, Oman, Algeria, Spain, France, Poland, Libya, and Syria. Other countries, such as Indonesia, Thailand, Morocco, Pakistan, Nigeria, Germany, Greece, and Bulgaria, also achieved record import volumes.

Services exports reached a record SAR207 billion in 2024, marking a 14% year-on-year increase and a 220% rise since 2016. The travel and tourism sector was a key driver, increasing by 270% since 2016. In 2024, Saudi Arabia welcomed approximately 30 million international tourists, contributing to a 150% increase in travel exports compared to 2019, representing 74% of total service exports.

The Kingdom also recorded a 69% increase in international tourist numbers compared to pre-pandemic levels and a 148% increase in tourism revenues compared to 2019. Saudi Arabia led the G20 in tourist number growth, with a 73% growth rate during the first seven months of 2024 compared to the same period in 2019. The transportation sector contributed 12% of total service exports, achieving a 5% year-on-year growth.