Top oil executives say crude oil will continue to play a major role for decades to come

The CEOs of Saudi Aramco and Exxon Mobil expressed their support for a transition to cleaner energy while emphasizing that oil will continue to be a significant part of the energy landscape for decades. They highlighted carbon capture and storage as a crucial method to reduce emissions from fossil fuels, despite environmental skepticism.

Exxon's CEO, Darren Woods, cautioned against rapidly reducing oil usage, emphasizing the need for ongoing investment in the oil industry to meet global energy demand and avoid supply shortages and high prices. Both CEOs were optimistic about future oil demand, with Saudi Aramco's CEO, Amin Nasser, anticipating record usage in the coming years.

The oil and gas industry is pushing back against criticism from clean energy advocates and environmentalists, arguing that Big Oil remains essential in meeting global energy needs while addressing climate change. The industry acknowledges the reality of climate change and the importance of carbon emissions reduction but insists that it can play a vital role in achieving these goals.

Saudi Energy Minister Prince Abdulaziz bin Salman stressed the need for a well-managed transition, and Omar Farouk Ibrahim, the secretary general of the African Petroleum Producers Association, highlighted the challenges faced by developing economies in the transition to cleaner energy. Alberta Premier Danielle Smith emphasized the importance of affordable and reliable energy, stating that the transition is away from emissions, not away from oil and natural gas.

Source: BNN Bloomberg “Big Oil Shows Support for Energy Transition But on Its Own Terms”