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Click here to see over 150 global oil prices
Click here to see over 150 global oil prices
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Click here to see over 150 global oil prices
Click here to see over 150 global oil prices
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Global energy desires will increase, and it would be “foolish” to think that demand development can be met only with renewables, Oman’s energy minister Salim Al-Aufi told CNBC on Tuesday.
Energy will have to be affordable and is the first pillar of the energy source in terms of energy transition, the Minister said.
Al-Aufi also said he was not surprised by the US backlash after the announcement of the OPEC resolution.
“It was planned,” he told CNBC.
In September, Saudi Aramco Chief Executive Amin Nasser said that years of underinvestment, lack of a contingency plan, and opportunities that are not in a position to expand and upgrade traditional power are the genuine reasons for this state of lack of confidence in power today.
The world and policymakers want a more credible energy transition plan, one that will have to recognize that “abundant and affordable traditional energy materials are still needed in the long run,” Nasser said in a speech at the Schlumberger Digital Forum 2022 in Switzerland. Aramco’s CEO reiterated Saudi Arabia’s long-standing vision that the world will want oil and fuel in the foreseeable long term and want more investment in the industry just to keep the source solid amid declining production from mature wells, and even more investment to increase production capacity to meet global energy needs.
By Tsvetana Paraskova for Oilprice. com
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