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Saudi Oil Minister Says World Can’t Abandon Fossil Fuels

Saudi Oil Minister Says World Can’t Abandon Fossil Fuels thumbnail

Saudi Arabian Oil Minister Ali al-Naimi said on Thursday that he sees a great future for solar power but that the world can’t abandon fossil fuels in the short term

Mr. Naimi, speaking on a panel in Paris, addressed questions about whether the world’s oil-and-gas companies should move on to other forms of energy in the face of climate change linked to human carbon emissions. He said it wouldn’t make economic sense to make a dramatic move now.

“You say decarbonize. Are you willing to have me go back home and shut all the oil wells? Can you afford that today?” Mr. Naimi said at the Business and Climate Summit in Paris, broadcast by Bloomberg. “What will happen to the [oil] price if today I remove 10 million barrels per day of the market.”

Mr. Naimi is among a growing number of top oil-industry figures to argue that fossil fuels are still needed to meet energy demands from both the developed world and emerging markets.

The remarks come ahead of this year’s United Nations-sponsored climate-change talks in Paris, which could result in new limits on carbon emissions and an increased push from environmental groups and investors for oil companies to better assess the risks climate change poses to their business.

The minister said technological improvements will eventually make solar economically competitive with fossil fuels, even with very low oil prices. The kingdom has invested in renewable energy like solar, though with limited success.

For now, many parts of the world, notably Asia and Africa, can’t develop solar energy and are still heavily dependent on fossil fuels, Mr. Naimi said.

“Let’s focus our attention on how can we manage emissions so we can continue using fossil fuels until we are able to develop the alternatives,” he said. “Where would the western civilization be today if it was not for fossil fuels yesterday?”


36 Comments on "Saudi Oil Minister Says World Can’t Abandon Fossil Fuels"

  1. Rita on Sat, 23rd May 2015 5:50 am 

    What will the saudis do when they run out of water and it is 50 oC outside? When they begin to abandon their sinking ship immigrating in the millions to other countries, the doors should get closed, because they contributed to it all.

  2. Nony on Sat, 23rd May 2015 6:20 am 

    there is lots of oil left in SA. Go home with the Simmons Staniford silliness.

  3. Kenz300 on Sat, 23rd May 2015 7:40 am 

    How hot does it have to get in SA before they recognize their contribution to Climate Change?

    The Renewable Revolution | Michael T. Klare

  4. Dredd on Sat, 23rd May 2015 8:29 am 

    Hey Oilah Akbar, fossil fuel poison has abandoned life in favor of death (On The Memorial Daze).

  5. Dave on Sat, 23rd May 2015 9:09 am 

    Nony, sure there is a lot of oil left in the world today, especially if you count all the junk sources. A better point is that there is a lot less high quality, low priced, easy to reach oil than here was just a few decades ago. That is what matters. Go back to the Kochs or whatever rock you came out from under and find a more intelligent thread.

  6. Nony on Sat, 23rd May 2015 10:30 am 

    The oil was cheap enough to prevent $150/bbl and to get 110 down to 60.

  7. joe on Sat, 23rd May 2015 10:38 am 

    There is allot of speculation in oil prices. This was not a demand vs supply issue. Tight oil is coming on not because the world needs it but because speculation caused it to be worth drilling, opec showed it’s muscle and the speculators got owned. Same thing is happening in the markets generally. Sadly there is no ‘sucker’ Opec to turn off the supply of idiots investing in a market trading at many times companies earnings.

  8. GregT on Sat, 23rd May 2015 10:39 am 

    Oil is still twice as costly as it was only ten short years ago, and two and a half times the price that has historically caused recessions. The global financial crisis continues due to high oil prices.

  9. BobInget on Sat, 23rd May 2015 11:05 am 

    CALGARY – Calls for tougher carbon pricing are coming from what may, on the surface, seem like an unlikely source: Calgary business leaders, including the boss of Canada’s biggest oil-sands player.

    “Climate change is happening,” Suncor Energy CEO Steve Williams said in a speech Friday. “Doing nothing is not an option we can choose.”

    Williams made his remarks at an event hosted by Canada’s Ecofiscal Commission, a group focused on environmental and economic policy. MORE:

    Suncor was the first Canadian oil company to build
    wind farms to help offset its own pollution.
    (PV is less of an option in Northern Canada.)

    It appears Big Oil, like US REPUBLICANS are now admitting climate changes are real… but we don’t know why…. really.
    This is a big step. It means society can begin to deal with inevitability of climate changes.
    ( most environmentalists aim to stop a speeding train, inside a tunnel, piling up great mounds of regret, caution and blame)

  10. BobInget on Sat, 23rd May 2015 11:47 am 

    GregT, There is also less oil easily available. (a)

    (b)The planet, (oil is international, you must agree)
    uses 90 Million Barrels 24/7. In no time humans will be using 100 million barrels per day. Judging by the commotion of that alleged ‘glut’ of one million B p/d, hold your breath for a nine million per day deficit. Shortonoil simply blows that off by saying we won’t be able to afford it so therefore we won’t buy it. (oil is not a confection)

    The technology* to gather so much of a single resource daily cost twice as much as it did 10 years ago because of (a) & (b)

    Any time we compare oil prices ten years ago with
    today’s, we choose to ignore inflation. (c)

    The other liquid.

    * Rural homeowners know well drilling costs are greater today then ten years ago while technology remains more or less the same. If water tables on your property diminished in ten years, drilling cost
    would be greater, even if per foot costs were flat.

    Water well drillers will doubtless adopt ‘tricks’
    used by oil companies. 3D mapping sure beats a willow branch. I’ll bet HO drilling will become as popular as it is expensive.

    By Shortonoil’s calculations, if water is too expensive we simply can’t afford it.

  11. BobInget on Sat, 23rd May 2015 11:50 am 

    Joe, We are in a world war over oil. full stop.

  12. Adonis on Sat, 23rd May 2015 12:32 pm 

    Naimi now knows that the true threat to KSA’s remaining oil reserves is the removal of fossil fuel subsidies which will lead to unaffordable fossil fuels and therefore less production worldwide,due to affordability factor for consumers.All under the guise of the false flag perpetrated on humanity .It>s a win win for humanity in that less pollution in the air, happy environmentalists, a permanent high oil price leading to financial stability due to Peak Oil being delayed for a very long time because oil demand will significantly drop.Say goodbye to our western lifestyles folks,the renewable-low energy era is coming …

  13. Bob Owens on Sat, 23rd May 2015 12:34 pm 

    “Where would the western civilization be today if it was not for fossil fuels yesterday?” We would have a low powered, solar powered world with 1/5 the population and a stable climate. It wouldn’t be Nirvana, but it would be damn nice.

  14. GregT on Sat, 23rd May 2015 12:43 pm 

    We are in a world war over economic control. It just so happens that oil is what fuels economies.

  15. Davy on Sat, 23rd May 2015 1:11 pm 

    Bob said “Shortonoil simply blows that off by saying we won’t be able to afford it so therefore we won’t buy it. (oil is not a confection)”. Bob, you don’t get a grip do you. You are stuck in the BAUtopian spell of continuous growth. Once the economy descends oil will not be affordable for a significant segment of the global economy because they will not have activity to use oil for. Bob, if you are unemployed will you be using much oil especially if the social safety net is cut back significantly? NO Bob.

    Once a significant portion of the population is not using oil it will be in a glut from demand destruction. This demand destruction will damage the supply side with uneconomic ROI. This is a likely scenario. If this were not bad enough you have the steady erosion of oil’s value by depletion explain by Short’s Hills group. Bob, there is nowhere where it is written that oil must be consumed and will be. It is not a law of nature. IMA Short’s analysis is using natural thermodynamic principals to describe oils depletion timeline.

    There is a small necessary price range for oil that allows healthy demand and supply dynamics. We are likely at a point currently where financially we have economic stagnation from debt. Oil’s depletion timeline has deviated from a healthy range of supply and demand. Once instability invades a system entropic decay sets in. This is the knock on effect of the financial system and oil and that is systematic decay. From there collapse becomes just a matter of times.

  16. GregT on Sat, 23rd May 2015 1:25 pm 

    Thanks Davy, for once again trying to explain something that should be obvious. For the life of me, I cannot understand why this is so difficult for some people to understand. This isn’t rocket science.

  17. Northwest Resident on Sat, 23rd May 2015 1:33 pm 

    GregT — It doesn’t have to be complicated or rocket science for people to “not get it”. All it takes is for that concept to be something that they don’t want to believe or that is uncomfortable to come to grips with. And I think when it comes to peak oil and the end of industrial high-tech civilization, just about everybody is in that category. Those of us who “see” and who understand are few and far between. It isn’t so much that we’re that much smarter (although we probably are), as it is that something about us enables us to cut through the lies and the bullshit and to be able to go face-to-face with some really disconcerting realities.

  18. Davy on Sat, 23rd May 2015 1:54 pm 

    N/R/Greg, I think this is what is goin on with the NOo. His livelihood depends in someway on the oil business and he can’t begin to fathom he may soon be unemployed or get a investment haircut.

    I do wonder sometimes if the NOo may be one of those individuals who are asylumed. You know with a witty mind that is missing something that makes them maladjusted and unable to live normally in society. He spends his days reading oil corn porn and bashing peakers wherever he can find them. This may explain the Dr Jekyll and Mr. Hyde or as we know them here as the NOo/Marm duel personalities.

  19. Apneaman on Sat, 23rd May 2015 2:46 pm 

    Facts are secondary to emotional apes. Stories that relieve anxiety are everything.

  20. Apneaman on Sat, 23rd May 2015 2:48 pm 

    How politics makes us stupid

  21. Apneaman on Sat, 23rd May 2015 3:14 pm 

    The truth is bad for business. Oprah Winfrey is the queen of hopium – look at her spawns, Dr’s Phil & OZ. Elon Musk is the Oprah of the tech world. Tell people the stories they want to hear and you can make a fortune. Tell the truth and it’s lonely out there. Just ask Prez Jimmy Carter or the authors of “Limits to Growth” about telling the truth.

    Happiness: a modern malaise

    Kathryn Ecclestone
    Professor of education

    Two enlightening new books explore the miserable rise of the happiness industry.

  22. Apneaman on Sat, 23rd May 2015 3:16 pm 

    Paul Bloom, Professor of psychology and cognitive science at Yale University, gave a talk on ‘The Problem With Stories’.

  23. Davy on Sat, 23rd May 2015 3:42 pm 

    Ape Man, it’s called modern day business marketing I.e. Dale the dumb shit Carnegie, customer happiness surveys, and management consulting. IOW snake oil salesman trying to push optimism and happiness on our population.

    Ralf Nader said it all when he said the most important education we can give our kids is how to be good citizens. There are basics to good citizenship. These basics are common sense. They are not fancy talk and the cannot be lied about. Our society is one big lie.

  24. Apneaman on Sat, 23rd May 2015 3:52 pm 

    Davy, I guess propaganda has always been with us (religious spectacle, grand architecture), but since Bernays it has been increasingly refined with science to the point where it is essentially a weapon. The latest is neuromarketing. What’s next advertizing in the womb?
    One big lie.

  25. BobInget on Sat, 23rd May 2015 5:10 pm 

    CAIRO (AP) — The Islamic State group claimed responsibility for a suicide bombing at a Shiite mosque in Saudi Arabia, warning that more “black days” loom ahead in a direct challenge to the rulers of the Sunni kingdom.

    Friday’s attack was the kingdom’s deadliest militant assault since a 2004 al-Qaida attack on foreign worker compounds, which sparked a massive Saudi security force crackdown. However, this Islamic State attack in the village of al-Qudeeh in the eastern Qatif region targeted Shiites, whom ultraconservatives in Saudi Arabia regularly denounce as heretics.

    The statement on the Islamic State group’s al-Bayan radio station, read aloud Friday night and posted Saturday morning to militant websites associated with the extremists, identified the suicide bomber as a Saudi citizen with the nom de guerre Abu Amer al-Najdi. The station also identified the attack as being carried out by a new Islamic State branch in “Najd Province,” referring to the historic region of the central Arabian Peninsula home to the Saudi capital, Riyadh.

    The mosque attack killed at least 21 people and wounded 81, the official Saudi Press Agency reported.

    The direct acknowledgment on official Islamic State group media strengthens the likelihood that the militant group has established a formal foothold inside the Kingdom. It remains unproven whether the perpetrators of the mosque bombing can successfully carry out multiple operations, as the Islamic State affiliate in Egypt’s Sinai Peninsula has done, or actually hold and control territory as the IS affiliate in Libya has done.

    Other acknowledged IS affiliates exist in Yemen and in Nigeria, where the Islamic militant group Boko Haram pledged its allegiance to the Islamic State group and had that pledge accepted on official IS media in March. Rumors of Islamic State group activity persist in both Afghanistan and Pakistan. Afghan President Ashraf Ghani has blamed attacks on local IS loyalists without offering further detail. On Saturday, the commander of international forces in Afghanistan, Gen. John Campbell, said Islamic State loyalists were actively recruiting and gaining strength but the group was not yet operational.

    The Islamic State group — formerly al-Qaida’s branch in Iraq which broke away and overran much of that country and neighboring Syria — has become notorious for its attacks on Shiites, including a deadly Shiite mosque bombing in the Yemeni capital, Sanaa, that killed more than 130 people. It was blamed for the killing of eight Shiites in a mosque shooting in eastern Saudi Arabia in November.

    The al-Bayan message warned Shiites of coming “black days that will hurt you,” pledging to expel all Shiites from the Arabian Peninsula.

    The attack comes as Saudi Arabia is part of a U.S.-led coalition targeting the Islamic State group. In late April, Saudi officials arrested 93 people they said were involved in an Islamic State plot to attack the U.S. Embassy and other targets.

    There already are heightened Sunni-Shiite tensions in the region as Saudi Arabia and Shiite power Iran back opposite sides in conflicts in Syria and Yemen.


    Associated Press writer Lynne O’Donnell in Kabul, Afghanistan contributed to this report.

  26. BobInget on Sat, 23rd May 2015 5:24 pm 

    Saudi Arabia has been busy casting its fate for decades. This latest ‘test war’ on Yemen was supposed to demonstrate how powerful and righteous the Kingdom has evolved into. Instead,
    Iran defends its brothers in Iraq while the wealthiest nation in the region beats up on its poorest Muslim neighbors.

    ISIL doesn’t need to attack KSA directly. All this bunch of black hats need do is wait for ‘The Kingdom’ to rot from within, step in, take over.

  27. Apneaman on Sat, 23rd May 2015 7:31 pm 

    Texas Secession Petition Racks Up More Than 80,000 Signatures, Qualifies For White House Response

  28. Apneaman on Sat, 23rd May 2015 7:32 pm 

    Secret Pentagon report reveals West saw ISIS as strategic asset
    Anti-ISIS coalition knowingly sponsored violent extremists to ‘isolate’ Assad, rollback ‘Shia expansion’

  29. Dredd on Sat, 23rd May 2015 8:13 pm 

    The Saudi Prince is a depraved-heart murderer (The Psychology of the Notion of Collective Guilt).

  30. Ted Wilson on Sat, 23rd May 2015 9:27 pm 

    Oil is phased out in
    Power generation,

    But its use in Transport is still increasing and this will continue for some more time. Eventually this will also be phased out in favor of Biofuels, Natgas and Electricity.

  31. Perk Earl on Sat, 23rd May 2015 10:04 pm 

    “Texas Secession Petition Racks Up More Than 80,000 Signatures, Qualifies For White House Response”

    I think it would be great if Texas seceded, setting a precedent for all states to become their own countries. It’s maddening when there is a decision to take the country to war like W did in Iraq and there’s nothing any of individual states can do to stop it.

    It’s too big a country for laws that apply to all states. For example some states want abortion to be illegal while other want it to be legal. Same thing with marijuana. Even if it’s legal in a state it’s still illegal at the federal level. Some want to reduce minimum wage and some want to increase it. So let’s split the country up and give people choices they are happy with.

    After all states secede then someone can live in say Kansas where abortion and mary jane are illegal and the minimum wage is 3.25 an hour. And someone can leave Kansas for another state with different laws if that’s what they want.

    One size fits all just doesn’t seem right anymore.

  32. shortonoil on Sun, 24th May 2015 8:13 am 

    By Shortonoil’s calculations, if water is too expensive we simply can’t afford it.

    If an animal doesn’t have water, it dies of thirst. If it doesn’t have food it starves to death. If it doesn’t have medical care it dies of minor infections. If it can’t defend itself, something else eats it. What part of reality are you having trouble with?

    Based on energy considerations alone, the end of the oil age will reduce world populations by 2.7 billion people. Some of them won’t have water, some won’t have food, some won’t have medical care, and some won’t be able to defend themselves. They’ll die!

  33. shortonoil on Sun, 24th May 2015 8:41 am 

    “Oil is still twice as costly as it was only ten short years ago, and two and a half times the price that has historically caused recessions. The global financial crisis continues due to high oil prices.”

    At least one-third of the world’s producers are now operating below their full life cycle cost of production. The price of oil is now not high enough to provide for the replacement of reserves that are being extracted. When the present sources of oil are depleted out they will not be replaced. The oil age will end not when the world runs out of oil; that is absurd thinking. It will end when producers can no longer make a profit extracting oil. When it is no longer profitable to extract oil it will remain in the ground. The energy that will be needed to extract it, will no longer be available.

  34. Davy on Sun, 24th May 2015 9:26 am 

    Short, Bob has some kind of mental block that systematically a vital commodity like, oil, food, and water are subject to limits. These limits may be volumetric or involve affordability per a societies economic potential.

    Bob and other cornucopians have it as a given our global economy will in some way make vital commodities available. This is through market mechanisms, technology, and or substitution. While this has worked for the most part in our previous 200 years of industrial growth there is nothing in science that says it must remain so.

    I would argue at no time in our history are we as exposed to a collapse in vital commodities than currently because of over population and over consumption in a highly complex and interconnected system. Reality says there are few givens in nature and most are entropic.

  35. steve on Sun, 24th May 2015 9:31 am 

    I am reading a book titled “The Unthinkable. Who Survives when Disaster Strikes” It has helped me understand why most people can’t and won’t understand P.O and collapse…there is a something that psychologist call Normalcy bias…it is when humans are faced with disaster they think this can’t happen to me this happens to other people and their brain uses information from their past to project likely outcomes for the future. Even though the threat demand s immediate attention people just do other things— a denial phase. Peer pressure also has a lot to do with peoples brains. I know I did not do a good description there of but I think this book should be reading for most educated peak oilers….

  36. steve on Sun, 24th May 2015 9:50 am 

    Davy the human brain works with familiar patterns…that is how it acts…the generations alive today have nothing to relate back to…look at the Jews in Germany…even with all the evidence before them they still did not leave! Faced with disaster many people freeze…laugh…and procrastinate.

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