06/21 Closing Prices / revised 06/21/2024 21:59 GMT |    06/20 OPEC Basket   $85.68  +$0.14 cents 06/21 Mexico Basket (MME)  $76.19  -$0.28  cents | 05/31 Venezuela Basket (Merey)  $70 45   -$4.36 cents | 06/21 NYMEX WTI Texas Intermediate July CLN24 $80.73  -$0.56 cents  | 06/21 ICE Brent August  BRNQ24 $85.24  -$0.47 cents  | 06/21 NYMEX Gasoline July RBN24 $2.51  +0.5%  |  06/21 NYMEX  Heating Oil July  RBN 24   $2.49  -1.3% | 06/21 Natural Gas July NGN24  $2.71   -1.3%  | 06/21 Active U.S. Rig Count (Oil & Gas)   588  -2  | 06/21 USD/MXN Mexican Peso   18.1130 (data live)  | 06/21 EUR/USD   1.0693  (data live)  | 06/25 US/Bs. (Bolivar)   $36.37250000 (data BCV)

CERAWeek: Aramco CEO Nasser Says Energy Transition Is ‘Visibly Failing’

Amin Nasser in Houston on March 18.Photographer: F. Carter Smith/Bloomberg
Amin Nasser in Houston on March 18. (F. Carter Smith/Bloomberg)

Devika Krishna Kumar and David Wethe, Bloomberg News

HOUSTON
EnergiesNet.com 03 19 2024

Saudi Aramco Chief Executive Officer Amin Nasser said the global energy transition is “visibly failing” on most fronts as proponents overlook the impacts on consumers dependent on cheap, reliable fuels.

In remarks at the opening day of the CERAWeek by S&P Global conference in Houston on Monday, Nasser lamented the way the oil industry has been painted as the transition’s “arch enemy.” 

Nasser also predicted that a peak in worldwide oil demand is unlikely for “some time to come,” let alone by the 2030 benchmark laid out by some policymakers and executives. He sees crude demand reaching an all-time high during the second half of this year, with significant growth potential in developing countries.

Solar and wind supply less than 4% of the world’s energy supply, on a combined basis, and electric-vehicle penetration is less than 3%, according to Nasser. On the other hand natural gas is still a mainstay, with demand growing by roughly 70% since the start of the century. 

Without government subsidies, electric vehicles are as much as 50% more expensive than internal-combustion cars, he added. “They cannot be subsidized forever,” he said.

For more on CERAWeek by S&P Global, click here for our TOPLive blog.

–With assistance from Simon Casey.

bloomberg.com03 18 2024

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top