Saudi Aramco CEO Urges Abandoning Fantasy of Phasing Out Oil amid Failing Energy Transition

Saudi Aramco CEO Amin Nasser criticized the energy transition, urging policymakers to abandon the idea of phasing out oil and gas as demand for fossil fuels is expected to continue growing. Nasser emphasized that the transition strategy is failing and proposed investing in oil and gas to reflect realistic demand assumptions. He highlighted the limited success of alternative energy sources and emphasized the importance of reducing emissions from oil and gas, particularly in developing nations.