Saudi Aramco's CEO has called for a rethink of energy transition plans, highlighting high oil demand forecasts for developing countries.
Saudi Aramco ’s chief executive Amin Nasser has called for what he dubbed a reset in the transition plans for developing countries , citing strong projected growth in oil demand for the Global South. Developing economies are growing and living standards are rising, Nasser said today at the Singapore International Energy Week, as cited by Reuters. This growth is driving higher oil demand , he added, noting this demand growth would extend over a long time.
Being short 75 million barrels every day would be devastating for energy security and affordability.” Because of all this, developing countries should decide on the best energy mix for themselves, Nasser suggested, as well as on a transition pace that is right for them. “Our main focus should be on the levers available now,” the executive said.
Developing Countries Oil Demand Saudi Aramco Amin Nasser Asia Affordability Energy Security Paris Agreement Bloombergnef
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