KUALA LUMPUR: The president of Saudi oil firm Aramco told an energy conference on Monday that the value of oil and gas cannot be understated during times of conflict, as was the case at the time. Using a video connection, Aramco CEO Amin Nasser spoke at the Energy Asia Conference in Kuala Lumpur. Following Israel’s Friday attacks against Iran, which it said were intended to stop Tehran from developing an atomic bomb, oil prices surged last week. Over the weekend, the fighting grew more intense.
“The significance of oil and gas cannot be overstated when conflicts arise, as history has demonstrated,” Nasser added. Without specifically referring to the conflict between Israel and Iran, he stated, “We are witnessing this in real time, with threats to energy security continuing to cause global concern.” Experience has also demonstrated, according to Nasser, that new energy sources complement existing ones rather than replace them. He said that present demand was not being met by renewable sources and that the cost of making the switch to net-zero emissions may reach $200 trillion.
Thus, he stated, “energy security and affordability have finally joined sustainability as the key objectives of the transition.” An important contributor to the Saudi economy, Aramco finances the Kingdom’s ambitious Vision 2030 diversification effort and produces the majority of its income from oil exports.
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