CALGARY, Alberta, Sept 19 — The CEOs of top Saudi Arabian and US oil producers Aramco and Exxon Mobil yesterday pushed back against forecasts that oil demand will peak, and said...
CALGARY, Alberta, Sept 19 — The CEOs of top Saudi Arabian and US oil producers Aramco and Exxon Mobil yesterday pushed back against forecasts that oil demand will peak, and said the transition to cleaner energy to fight climate change would require continuing investment in conventional oil and gas.
“This notion is wilting under scrutiny because it is mostly being driven by policies, rather than the proven combination of markets, competitive economics and technology,” Nasser said. At the Congress, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, critized the IEA, saying its role had drifted.
Nasser said the narrative of the current energy transition was based on “unrealistic” assumptions and scenarios and it was important to keep investing in oil and gas to ensure global energy security and an affordable transition to cleaner sources.
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