Global oil demand will not peak for some time, says Saudi Aramco CEO Amin Nasser said on Monday.
The head of the world's largest energy company on Monday suggested that oil and natural gas will be around for a long time to come and consumption of both sources of energy are likely to grow for at least the next decade or two.Global oil demand will not peak for some time, Saudi Aramco CEO Amin Nasser said on Monday at the CERAWeek by S&P Global energy conference in Houston.
Oil consumption will reach a new record of 104 million barrels per day this year, Nasser said, and could keep growing through 2045. After the agreement was passed in December during the UN climate conference, the president of the two-week summit in Dubai, Sultan al-Jaber, said theThe agreement was considered groundbreaking as it marked the first time that countries agreed to explicitly address fossil fuels and the need to move away from oil, natural gas and coal in order to limit global warming.
"We're not on the path to make net-zero by 2050 currently and one of the challenges here is that while society wants to see emissions reduced, nobody wants to pay for it," said Darren Woods, chief executive of ExxonMobil.
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