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Ben Geman Mar 6
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Saudi Aramco chief bats aside 'peak demand' prospect

Oil
A flame from a Saudi Aramco oil installion. Photo: MARWAN NAAMANI / AFP / Getty Images

HOUSTON — The CEO of Saudi Aramco, the kingdom's state oil giant, says he's not worried about peak oil demand. But he is worried about how fashionable the idea has become these days.

“We must challenge mistaken assumptions about the speed with which alternatives will penetrate markets, and leave people no doubt that misplaced notions of peak oil demand and stranded resources are a dire threat to an orderly energy transition and energy security.”
— CEO Amin Nasser at a major energy conference

Why it matters: His lengthy remarks during a speech to the CERAWeek by IHS Markit conference highlight the growing prominence of debates over when the global thirst for oil will stop growing and head downward. Nasser added that the industry will need to invest over $20 trillion over the next 25 years to meet rising demand for oil and natural gas.