Saudi oil giant Aramco's Chief Executive Amin Nasser said Tuesday he saw global demand for oil at 103 million barrels a day (bpd) in the second half of 2023.
Saudi Aramco can ramp up oil production capacity "in a couple of weeks" if needed as global demand continues to rise, Nasser said at the Energy Intelligence Forum in London.
Aramco is looking at more investments in liquefied natural gas (LNG) and has some deals in the pipeline.
"We are looking at using gas in the Kingdom for blue hydrogen and LNG. We are looking at additional investments to be a leading player in LNG."
Nasser said the upcoming COP28 UN climate conference should focus on cutting hydrocarbon emissions rather than reducing their production.
"The focus should be on emissions. Today, the focus is not purely on emissions. It is: we need to either shut or slow down big time your conventional (energy)," Nasser said.
Renewables alone cannot shoulder the burden of global energy demand, he said, adding that cuts to oil and gas production would result in energy shortages and price spikes.
The focus should be on adding carbon capture and storage and improving the efficiency of hydrocarbon production to reduce their emissions, Nasser said.
According to Nasser, if investment in oil and gas is not achieved, between 5 to 7 million barrels per day of oil will be lost annually.
