Arab Energy Ministers: Fossil Fuels to Be Main Energy Source for Decades
Arab energy ministers confirm that fossil fuels will remain the main energy source for decades, according to Aleqtisadiya. This was emphasized during the 12th Arab Energy Conference in Doha.
Recommendations for Fossil Fuel Usage
The ministers recommended adopting developmental procedure on using fossil fuel. They stressed on enhancing national energy companies’ roles and finding a mechanism for cooperation and coordination. Consequently , this would maintain production levels.
Integrating Environmental Concerns
According to Reuters, they urged Arab countries to adopt balanced developmental policies. These policies should integrate environmental aspects in development plans and invest in renewable energy, hydrogen, and nuclear power.
Kuwaiti Oil Minister’s Statement
Kuwait’s Minister of oil Saad Al-Barrak commented on the push to reduce oil dependency. He expressed surprise at efforts to deprive many peoples and countries , mostly developing nations, of being a source for economy.
Climate Issue and Regional Development
Al-Barak also added that driver of the climate issue are values related to human environmental safety and welfare. He advocated for giving Asian and African regions a chance to progress with their resources.
Shifting Focus From Oil to Emissions
Moreover, at the COP28 climate summit, ExxonMobil CEO, Darren Woods, presented a unique perspective that diverged from the prevalent narrative. He emphasized the necessity of addressing greenhouse gas emissions rather than eliminating fossil fuels. This stance came amid heightened global conversations on climate change and the energy sector’s role in it.
The Carbon Capture Debate
Woods rebutted the International Energy Agency’s (IEA) criticism of large-scale carbon capture as an “illusion” in combating climate change. He equated this skepticism to early doubts about electric vehicles and solar energy, highlighting the emerging technologies’ potential despite current limitations.
ExxonMobil’s Investment in Low-Carbon Ventures
ExxonMobil has committed $17 billion to its low-carbon business, including carbon capture initiatives. This investment aligns with the company’s position that the primary issue is greenhouse gas emissions, not fossil fuels per se. Such investments signal a shift in how major oil companies perceive their role in addressing climate challenges.
Future of Oil and Gas
Despite the growing focus on renewable energy, Woods believes oil and gas will continue to play a significant role in the global energy mix until at least 2050. This view is backed by the company’s ongoing investments in fossil fuel projects and carbon reduction technologies.
Mounting Demand for Petrochemicals
The Saudi Minister of Energy Abdulaziz bin Salman said that the growth of global demand for petrochemicals will continue. The minister added that the sector is witnessing rapid growth. He also stressed that those who talk about the energy transition must accept the reality of today and the future.
Related Topics
GASTAT: Saudi’s Non-Oil Activities Increase by 3.5% in Q3
Increase in Gulf Stock Markets Boosted by Surge in Oil Prices
KSA Extends Oil Voluntary Reduction of One Mln bpd
