Aramco CEO says energy transition “not going smoothly”

Although acknowledging the emergency to shift toward renewable energies, Saudi Aramco Chief Executive Amin Nasser said that investment in oil and gas was needed to run alongside new energy investments until the latter can realistically support rising consumption. Aramco aims to achieve net zero emissions from its operations by 2050 while also building hydrocarbon capacity and expanding its maximum sustained production capacity to 13 million barrels per day. Saudi Arabia’s ambitious goal of ‘net zero’ emissions of greenhouse gasses – mostly produced by burning fossil fuels – by 2060 had to go hand in hand with new energies as demand for conventional energy would likely prevail for, “quite some time”.