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Peak oil demand ‘not in sight’ in next few decades – Aramco CEO


The peaking demand on oil will not loom over in the next few decades, Aramco’s CEO stated at the 18th International Oil Summit held in Paris on Thursday.

“Long-term factors truly define and impact the energy industry, not misplaced notions like ‘peak oil demand’ or ‘stranded resources’,” he said, according to the Saudi oil company’s official Twitter account.

He noted that all energy sources should be used to meet the increasing demand.

“As global oil markets rebalance, industry should avoid short-term factors overshadowing need for long-term investments,” Aramco’s CEO stated at the event.

The oil market rebalancing is supported by improving the supply and demand mechanisms, as well as the oil output reduction agreement led by members of the Organization of Petroleum Exporting Countries (OPEC), he said.

Al Nasser had stated at a previous event that US production will put downward pressure on the market, despite which the production will see a rise in the future.

10 Comments on "Peak oil demand ‘not in sight’ in next few decades – Aramco CEO"

  1. Apneaman on Thu, 27th Apr 2017 5:01 pm 

    Cocaine Good for ‘Heart Health’ – Cartel CEO

  2. Apneaman on Thu, 27th Apr 2017 5:04 pm 

    I promise not to cum inside you baby – Hetero Guys

  3. onlooker on Thu, 27th Apr 2017 5:28 pm
    Murray Energy CEO claims global warming is a hoax, says 4,000 scientists tell him so”
    You believe him, I got some land to sell you-wait for it-on Uranus

  4. Anonymouse on Thu, 27th Apr 2017 10:16 pm 

    So according to this guy, demand, will continue to grow….forever? And supply will also continue grow….forever?

    Sounds airtight to me. After all, experience teaches us that good things always last forever, and why would oil be any exception?

  5. Cloggie on Fri, 28th Apr 2017 2:46 am 

    Mr Nasser pretends that demand is independent of supply. In reality people will stop “demanding” a commodity, a few days after supply has stopped.

    Wikipedia tells me that there is about 4.1 billion barrel crude oil supply above the ground:

    You could of course wonder what the difference is between above and underground supply; the difference is really a single suck, if you excuse my French.

    Mr Nasser likes to believe that for decades on end, people around the world will remain desperate for HIS product. The reality is that meanwhile there are so many alternatives, that this kind desperation can be safely ruled out.

    There is gas, coal, uranium, wind, solar, hydro, bio-fuel, energy saving.

    Perhaps the most interesting (partial) alternative is using none of the above.

    In my own country for instance, nobody had electricity shortly after 1945. Everybody survived nevertheless. Obesity didn’t exist though.

    In 1960, with me being a toddler, shortly before the Slochteren natural gas boom began, Dutch electricity consumption was 18 units, compared to peak 118 units in 2010. The house was generally NOT heated, except for the living room, with a simple oil heater. A few times per years a large Shell truck arrived at the little square behind the house, unrolled a long hose and filled the oil tank, with a volume of perhaps 300 liter. Few families had a car, few had a television, few families went abroad on holiday. But life was generally ok. Families were intact, women stayed at home and waited with tea and cookies for the children to come home from school.

    Collapse is so overrated. Life will go on without this, easily:

  6. Davy on Fri, 28th Apr 2017 5:28 am 

    “Collapse is so overrated. Life will go on without this, easily”
    So, are you saying it can’t happen? You cornucopians fail to understand or more likely dismiss in cognitive dissonance the economics of globalism and its fragility. What is needed to avoid collapse is huge and it must be manufactured, shipped, and paid for. Market based capitalism is a constant in your equations of “overrated”. Market based capitalism is entering unknown territory of post 08 repression and monetary easing saga. Do you have any idea what comes after? I have read what you said in the past and what you seem to be saying is just more of the same. You answer to all this is more debt once the economy fails. What kind of answer is that? I think the reason you are here on a doom site is you are worried sick about what is coming and it is getting lost in the arguments against this terror that keeps you sane from what otherwise would be naked terror.

  7. Cloggie on Fri, 28th Apr 2017 6:38 am 

    So, are you saying it can’t happen?

    Please read carefully Davy. I said that “collapse” is overrated. That implies that life will go on after the collapse.

  8. Davy on Fri, 28th Apr 2017 6:40 am 

    please read carefully what I said

  9. twocats on Fri, 28th Apr 2017 7:36 am 

    total industrial civilization collapse would leave spent fuel and nuclear waste repositories across the globe unprotected. chain reactions would soon begin around the world sending untold numbers of plumes into the atmosphere. “life” might go on, but mutated genetics would dominate for millenia, possibly until the end of earth-time.

  10. godq3 on Sat, 29th Apr 2017 2:16 pm 

    Cloggie: “That implies that life will go on after the collapse.”

    Yes, but not for 7.5 billion people. More like 0.5 billion.

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