Oljetop believes that new energy sources should only be phased in when they are, among other things, “economically competitive.”
The CEO of oil giant Saudi Aramco, Amin Nasser, said on Monday that he believes the current energy transition strategy has failed, and that “the world must abandon the fantasy of phasing out oil and gas.”
He writes CNBC.
Saudi Aramco is the state-owned oil company of Saudi Arabia, with a market capitalization of $2.014 billion. This makes the company the fourth largest company in the world by market capitalization, surpassed only by Microsoft, Apple, and Nvidia.
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According to Nasser, renewable energy has not been able to replace hydrocarbons on a large scale, even though the world has invested more than $9.5 trillion in the past 20 years. He pointed out that wind and solar energy still represent only less than four percent of the world's energy consumption.
The President of Saudi Aramco said, according to what was reported by Reuters, that we must gradually introduce new energy sources and technologies when they are truly ready, able to compete economically, and have the necessary infrastructure. CNBC.
These statements came during the CERAWeek conference in Houston, Texas. Nasser participated in an interview on the main stage of the conference on Monday.
This article was created using Anthropic's AI tools, and is quality assured by E24's journalists.
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