Saudi Oil Executive Makes Bold Announcement on Renewable Energy

Amin Nasser, CEO of Saudi Aramco, issued a statement this week calling for a "reset" in the plans developing countries are making for a transition to reliance on renewable energy amidst projections for strong growth in demand for crude oil among these countries. Speaking at the Singapore International Energy Week event, Nasser said that "Developing economies are growing and living standards are rising and this growth is driving higher oil demand."

Even when growth slows down and eventually stops demand for oil will remain at a plateau for another extended period. If so, more than 100 million barrels per day would realistically still be required by 2050. This is a stark contrast with those predicting that oil will, or must, fall to just 25 million barrels per day by then. Being short 75 million barrels every day would be devastating for energy security and affordability.”

He added that in his opinion, pressure should not be put on these developing countries to either spend the estimated $6 trillion a year that will be needed to make a sharp transition to renewable energy by 2050, or else simply accept a lower standard of living for themselves.