May 21, 2024
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OIL & GAS RENEWABLE ENERGY

Saudi Aramco Chairman Stresses Need for Balanced Energy Transition

In an interview with Japan’s Nikkei, Saudi Aramco Chairman Yasir Al-Rumayyan highlighted the challenges posed by the early phase-out of conventional energy sources, emphasizing that the premature abandonment has created cost-related challenges, as witnessed in the recent energy crisis.

He said in the interview that bridging the gap between unrealistic goals through data will be necessary to drive the global economy toward carbon neutrality, according to Arab News.

Al-Rumayyan emphasized that the global demand for energy and petrochemicals is expected to rise in the long term, indicating the continued importance of both traditional and new forms of energy. He noted that emerging economies, especially China and India, are major contributors to oil demand growth.

Discussing the oil industry and market indicators, Al-Rumayyan pointed out that the reluctance of investment in oil and gas has hindered the global energy transition, making economies more vulnerable to shocks.

He stressed that investing in traditional energy alongside efforts to enhance alternative resources is essential for an organized transition without compromising economic prosperity and energy security.

He stated: “We have seen the world become less stable when issues related to energy security or the ability to bear its costs arise.”

The interview stressed the importance of a balanced approach to energy transition, considering practical challenges and the global economic landscape.

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