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Saudi Aramco CEO Declares the Great ‘Transition’ Is Failing

Aramco. Credit: Aramco Facebook page

March 24, 2024 (EIRNS)—Not surprisingly, it was a speech delivered at an oil conference in Houston; but it was Saudi top oil official, Saudi Aramco CEO Amin Nasser pronouncing King Charles’ global “energy transition” to have failed. Nasser said fossil fuels production and demand will keep growing, not “peaking” in 2030 or any other year to be named: “In the real world, the current transition strategy is visibly failing on most fronts as it collides with hard realities. [Nations] should abandon the fantasy of phasing out oil and gas, and instead invest in them adequately, reflecting realistic demand assumptions.”

Mr. Nasser based the Saudi view on the very small share of worldwide energy generation and consumption which “renewables” still represent, despite a decade of massive investment in them, in some years to the 90% exclusion of investment in anything else. He said that despite $9.5 trillion invested in “renewables” since 2005, wind and solar still supply less than 4% of energy generation worldwide; President Biden’s beloved electric vehicles, less than 3% of motor vehicle sales.

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