Nasser: Oil to Be Part of Energy Mix, Demand for Oil to Increase
The CEO of Aramco Amin H. Nasser said that they are heading towards a future where oil and gas will be a major part of the global energy mix for many decades to come, alongside new energy solutions, reported Economic Events on X. He also anticipated that the oil demand will increase.
Mounting Demand for Oil
Earlier this year, in a statement that underscores the vitality of the global oil industry, Nasser made a significant forecast. He anticipated that the oil demand would escalate to an unprecedented 104 million barrels per day in 2024. This projection highlights the enduring relevance of fossil fuels in the global energy mix. It also positions Aramco at the forefront of the industry’s future dynamics.
The Context of Rising Demand for Oil
Accordingly, the CEO’s forecast sets against a backdrop of a gradually recovering global economy, post-pandemic revitalization, and increasing energy requirements. The surge to 104 million barrels per day represents a robust increase in demand, indicating a significant leap forward. This uptick is attributed to various factors, including industrial expansion and the increasing energy needs of emerging economies.
Implications for the Global Energy Landscape
Additionally, the predicted rise in demand for oil has significant implications for the global energy landscape. It reaffirms the role of oil as a key component of the global energy mix. The forecast also highlights the challenges in balancing energy security and environmental sustainability. For countries and companies alike, it underscores the importance of investing in energy efficiency and alternative energy sources.
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