“I am not losing any sleep over ‘peak oil demand’ or ‘stranded resources’,” Amin Nasser, the chief executive of Saudi Arabia’s oil giant Saudi Aramco, said in a speech in March last year, arguing that the energy transition is much more complex than simply replacing oil with renewables and electric vehicles (EVs). A year later, in a rare strongly worded speech at the International Petroleum Week in London this week, Nasser rebuked all those who predict the demise of the oil industry in the near future, saying that views that the world will soon run on anything but oil “are not based on logic and facts, and are formed mostly in response to pressure and hype.” While most forecasts see peak oil demand at some point in the 2030s, the oil industry still sees itself as being relevant for decades to come, because the world will still need a […]