by Arathy Somasekhar
HOUSTON (Reuters) – Global oil demand will not peak for some time, Saudi Aramco Chief Executive Amin Nasser said on Monday.
The head of the world’s largest energy company stressed the need to review global energy transition plans during a speech at the CERAWeek conference in Houston.
Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Amin Nasser said. Despite growing investments, alternative energies have not yet replaced hydrocarbons on a large scale.
“All of this reinforces the idea that peak oil and gas probably won’t be reached for some time, let alone 2030,” he said.
Rising demand from developing economies could fuel oil demand growth through 2045, he added.
This long-term forecast is consistent with estimates from the Organization of the Petroleum Exporting Countries and contrasts with analysis from the International Energy Agency, which predicts peak demand for 2030.
For Amin Nasser, reducing greenhouse gas emissions, particularly through carbon capture, gives better results than alternative energies.
Amin Nasser reiterated that Aramco has 3 million bpd of reserve capacity to deal with any unexpected disruptions to global supplies.
(Reporting Arathy Somasekhar; Written by Simon Webb; Alban Kacher)
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