HOUSTON — Saudi Aramco CEO Amin Nasser urged the world to accept the hard realities that oil and natural gas will be around for a long time to come, and consumption of both sources of energy is likely to grow for at least the next decade or two.

“We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately reflecting realistic demand assumptions,” he said while addressing the SERA Week global energy conference in Houston on Monday.

Nasser urged a re-set of plans to quickly replace fossil fuels with renewable energy sources. “Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024. Despite growing investment, alternative energy has yet to displace hydrocarbons at scale,” he said while noting that all this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030.

Oil consumption will reach a new record of 104 million barrels per day this year, Nasser said, and could keep growing through 2045. Aramco chief said that reducing greenhouse gas emissions from fuel through other carbon capture technologies achieves better results than alternative energy sources.

© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).