Call from oil giant to invest in oil and natural gas

Saudi Aramco CEO Amin Nasser said global oil demand is unlikely to peak for some time, so policymakers must invest sufficiently in oil and gas to meet demand. Speaking to oil and gas executives at the CERAWeek conference in Houston, Nasser, the chief executive of the world’s largest energy company, called for a revamp of global energy transition plans. Despite increasing investment, alternative energy has yet to replace hydrocarbons, Nasser said. “All of this reinforces the view that peak oil and gas is unlikely to occur for some time, let alone 2030,” he said. “We must abandon the fantasy of phasing out oil and gas and instead invest sufficiently in them to reflect realistic demand assumptions for as long as necessary,” Nasser said in a speech that drew applause from the audience.