The Saudi Aramco CEO said that the oil industry is facing an understanding crisis and that the views of some observers that see the end of oil approaching with the growing use of electric cars are illogical and not based on facts.
Amin Al-Nasser, CEO of the National Oil Company in the world's largest exporter of crude, told the sector in London that demand for oil is expected to increase significantly, driven mainly by the transportation sector.
Our industry is facing a crisis of understanding with a number of related parties ... Our traditional advantages of abundant supply, reliable and affordable, are insufficient to meet the expectations of society today.
He called for more investment in the oil and gas sector to meet future growth and said that the oil industry should respond to exaggerated theories such as peak oil demand theory.
Many expect oil demand to peak in the coming years as emissions standards are tightened around the world and demand for fuel-efficient cars and renewable energy sources grows.
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Saudi Aramco: 3 billion cubic feet per day of gas before 2030
