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The president and CEO of Saudi Aramco has underlined the importance of hydrocarbons in meeting the global energy requirements of the next 20 years.
Speaking while on a tour of Asia, Khalid Al-Falih said that despite the emergence of renewable energy oil and gas would still be the major fuel source.
“The developing economics of the world … are at the heart of the International Energy Agency’s forecast that world primary-energy demand will increase,” Al-Falih said.
“The forecast estimates demand will grow by 40% by 2030 — roughly 1.5 percent per year. And (the IEA forecast estimates that) oil will remain the single largest fuel in the energy mix.”
Al-Falih also said that while other forms of energy would emerge oil would still be used elsewhere and pointed to Saudi Arabia’s ecer-growing petrochemicals industry as proff of this.
“Ultimately, as renewables begin to displace petroleum over time, there will be attractive uses for our hydrocarbons other than burning,” Al-Falih said.
“Saudi Aramco is moving its hydrocarbon products deeper and deeper downstream into petrochemicals and the many valuable products derived from them.”
