Saudi Aramco: Oil demand won’t peak in the near future

"The global demand for oil won't peak until some time in the future, so authorities must ensure sufficient investment in crude oil and gas to meet consumption and abandon the fantasy of progressively phasing out fossil fuels," said Amin Nasser, CEO of Saudi Aramco.

The head of the world's largest energy company urged a rethink of global energy transition plans in a presentation to oil and gas industry executives at the CERAWeek conference in Houston.

Nasser stated that oil demand will reach a new record of 104 million barrels per day (bpd) in 2024. Despite increasing investment, alternative energies have not yet displaced hydrocarbons on a large scale, he said.

"All this reinforces the view that it is unlikely that peak oil and gas levels will be met for some time, let alone by 2030," he said.

"We should abandon the fantasy of progressively phasing out oil and gas and instead invest in them appropriately, reflecting realistic demand assumptions, as long as they are essential," he added, in remarks that drew applause from the audience.

He also suggested that increased demand from developing economies could drive oil consumption until 2045.