February 26, 2019
LONDON (Reuters) – Saudi Aramco’s chief executive said on Tuesday the oil industry is facing “a crisis of perception” and the views of some observers that the end of oil is near with the rise of electric vehicles are illogical and not based on fact.
Amin Nasser, CEO of the national oil company of the world’s top crude-exporting country, told an industry event in London that demand for oil is expected to increase substantially, driven mainly by the transportation sector.
“Our industry faces a crisis of perception with multiple stakeholders,” he said. “Our traditional qualities of ample, reliable and affordable supply are not enough to meet society’s expectations today.”
He called for more investment in the oil and gas sector to meet future growth and said the oil industry must “push back on exaggerated theories like peak oil demand”.
Oil demand is expected by many to peak in coming years as emissions standards around the world tighten and demand grows for more fuel-efficicent vehicles and renewable sources of energy.
(Reporting by Rania El Gamal; Editing by Kirsten Donovan)