In an interview conducted with CNBC Wednesday, Aramco CEO Amin Nasser tried to put a positive spin on the global supply/demand situation, but ended up painting a bleak picture about the industry’s ability to continue meeting rising demand for crude oil for the long term.
Interview Transcript:
CNBC: For Aramco as a company, are you prepared to contribute what’s necessary to avoid further shocks?
Nasser: Well, we will do our best, as I say, we are adding capacity. We are replacing liquid burning (in Aramco facilities) with additional gas. It’s almost a million barrels that will come by 2030 by eliminating all the liquid burning. But, that additional capacity will help, but it will not mitigate a situation where the demand is growing and off-setting the decline. You need additional investment elsewhere globally to meet global demand.
CNBC: IEA just released a report, and essentially they’ve said that global crude oil supply is not going to meet demand in 2023. That’s raising eyebrows. In your mind, are those numbers right?
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