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Peak oil demand ‘not in sight’ in next few decades – Aramco CEO

Peak oil demand ‘not in sight’ in next few decades – Aramco CEO
(Photo credit: Aramco's official Twitter account)

Riyadh – Mubasher: The peaking demand on oil will not loom over in the next few decades, Aramco’s CEO stated at the 18th International Oil Summit held in Paris on Thursday.

“Long-term factors truly define and impact the energy industry, not misplaced notions like ‘peak oil demand’ or ‘stranded resources’,” he said, according to the Saudi oil company’s official Twitter account.

He noted that all energy sources should be used to meet the increasing demand.

“As global oil markets rebalance, industry should avoid short-term factors overshadowing need for long-term investments,” Aramco’s CEO stated at the event.

The oil market rebalancing is supported by improving the supply and demand mechanisms, as well as the oil output reduction agreement led by members of the Organization of Petroleum Exporting Countries (OPEC), he said.

Al Nasser had stated at a previous event that US production will put downward pressure on the market, despite which the production will see a rise in the future.