Energy Transition Not Working, Aramco CEO

The energy transition is visibly failing, said the CEO of Saudi Aramco, Mr. Amin Nasser, during the 2024 CERAWEEK conference in Houston, Texas. Contrary to proponents who postulate peak oil demand will arrive by 2030, Mr. Nasser said peak oil demand is unlikely to occur anytime soon, let alone by 2030, and laments on how the energy industry has been seen as an arch enemy. Solar and Wind combined account for less than 4% of the world’s energy supply, EV penetration is less than 3%. However, natural gas demand has been on a steady rise for the last century. EVs are 50% more expensive than internal combustion cars without subsidies. Such subsidies won’t continue forever he said.