WPC CALGARY UPDATE: Peak Oil Demand View ‘Wilting Under Scrutiny,’ Aramco CEO Says

(Bloomberg)

Saudi Aramco Chief Executive Officer Amin Nasser said forecasts that oil usage will peak soon have been proven to be unrealistic.“This notion is also wilting under scrutiny because it’s mostly being driven by policies rather than the proven combination of markets, competitive economics and technology,” Nasser said at the World Petroleum Congress in Calgary.Oil demand will rise to a record of 103 million to 104 million barrels a day in the second half of the year, he said. That continued usage makes it “dangerous” to try to phase out fossil fuels too quickly, he said.

“There is no quick fix” for the energy transition, Nasser said.

 

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