Jul 10, 2017
‘Big oil’ dismisses predictions of collapse in demand
Two of the world's largest oil companies have hit back against predictions that electric vehicles threaten a collapse in demand for hydrocarbons and warned that global energy security would be at risk if investment is withdrawn from fossil fuels too soon. "There seems to be a growing belief that the world can prematurely disengage from proven and reliable energy sources like oil and gas, on the mistaken assumption that alternatives will be rapidly deployed," Amin Nasser of Saudi Aramco told an energy conference in Istanbul. There seems to be a growing belief that the world can prematurely disengage from proven and reliable energy sources like oil and gas, on the mistaken assumption that alternatives will be rapidly deployed. Even as oil and gas lose market share, absolute demand would increase "For a long period of time", he added. Mr Nasser said "Misleading" predictions of a decline in oil demand leaving producers with "Stranded resources" was obscuring a greater danger of under-investment in exploration and production.
Related companies
Make a complaint about Shell by viewing their customer service contacts.
