The world’s top oil exporter, Saudi Arabia, has repeatedly said it wants to be the producer that will pump the very last barrel of oil. Until that time comes, the world and its growing economy will still need oil and gas, even as renewable energy capacity soars globally.
The rebound of economies after the 2020 COVID slump has shown that global oil demand is not only not declining, but it is just months away from reaching pre-pandemic levels and exceeding them. This weekend, Saudi Arabia once again deplored the underinvestment in oil and gas and said that focusing only on renewables while campaigning against oil and gas was a mistake.
“Net Zero Does Not Mean Zero Oil”
The insufficient investment in the oil and gas industry harms consumers, raises concerns about short-term supply shortages, and creates challenges for policymakers, Saudi Energy Minister Prince Abdulaziz bin Salman said at the 2022 International Petroleum Technology Conference (IPTC) in Riyadh this weekend.
The campaign against oil and gas investments is shortsighted, the minister said, as carried by Arab News. The sole focus on renewables is a mistake, said the most influential oilman of the OPEC+ coalition.
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