Saudi Aramco CEO says energy transition ‘not going smoothly’

Saudi Arabia, the world’s largest oil exporter, aims to achieve net-zero greenhouse gas emissions by 2060

DUBAI, United Arab Emirates – Saudi Aramco Chief Executive Amin Nasser said on Thursday (January 27th) oil and gas investments are needed to accompany new energy investments until they can realistically sustain the increase in consumption.

“We all agree that to move towards a sustainable energy future, a smooth energy transition is absolutely essential, but we must also consider the complexities and challenges to achieve it,” he said at the B20 conference in Indonesia via video link.

“We have to recognize that the current transition is not going smoothly,” he said.

Nasser said Aramco aims to achieve net zero emissions from its operations by 2050 while building its hydrocarbon capacity and increasing its maximum sustained production capacity to 13 million barrels per day.

Saudi Arabia, the world’s largest oil exporter, aims to achieve “net zero” emissions of greenhouse gases – mainly produced by burning fossil fuels – by 2060.

On Thursday, Nasser said hydrocarbon investments needed to go hand-in-hand with new energy, as demand for conventional energy was likely to prevail for “some time.”

“As the global economy began to recover, there was a resurgence in demand for oil and gas, but since oil and gas investment has fallen, supplies have lagged, c That’s why we see very tight markets in Europe and parts of Asia,” he said. , emphasizing that he was not advocating for a change in climate targets.

“I propose that investment in existing and new energy be continued until the latter are sufficiently developed to be able to realistically and meaningfully respond to growing global energy consumption.” –

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