"CEOs of Aramco and Exxon challenge peak oil demand forecasts, advocate for multi-dimensional energy transition"
The CEOs of Aramco and Exxon Mobil have pushed back against forecasts that oil demand will peak, stating that the transition to cleaner energy would still require investment in conventional oil and gas. They argue that the notion of peak oil demand is driven more by policies than by market forces and technology. Aramco's CEO expects demand to grow to around 110 million barrels per day by 2030, while Saudi Arabia's Energy Minister criticized the International Energy Agency (IEA) for practicing political advocacy. Environmental groups have protested outside the World Petroleum Congress, emphasizing the need to transition away from fossil fuels.