Oil will play a key role in meeting future global energy demand

oil-summit-paris-2017

Saudi Aramco President and Chief Executive Officer Amin H. Nasser said today as the global oil market rebalances, the industry needs to avoid letting short term factors overshadow the need for long term investments.

Oil will play a key role in meeting future global energy demand despite scenarios of peak demand and stranded resources, which are misplaced, Nasser explained at the 18th International Oil Summit.

With the anticipated growth of the world’s population by an additional 2 billion people by 2050, overall demand for energy is expected to be substantially higher than it is today.

He stressed that this higher demand will be met through all energy sources and despite the progress being made, renewables still face multiple challenges of which both the industry and consumers alike should anticipate a long and complex energy transition. 

The conclusion is clear: oil demand will continue to grow… in absolute terms… at fairly healthy levels… for the foreseeable future. It is why I believe ‘Peak Oil Demand’ is not in sight for at least the next few decades. It is also why the notion of ‘Stranded Resources’ is not one I recognize

Saudi Aramco President and Chief Executive Officer Amin H. Nasser

Saudi Aramco President and Chief Executive Officer Amin H. Nasser said today as the global oil market rebalances, the industry needs to avoid letting short term factors overshadow the need for long term investments.

Oil will play a key role in meeting future global energy demand despite scenarios of peak demand and stranded resources, which are misplaced, Nasser explained at the 18th International Oil Summit.

With the anticipated growth of the world’s population by an additional 2 billion people by 2050, overall demand for energy is expected to be substantially higher than it is today.

He stressed that this higher demand will be met through all energy sources and despite the progress being made, renewables still face multiple challenges of which both the industry and consumers alike should anticipate a long and complex energy transition.