Saudi Aramco CEO says energy transition not going smoothly

Amin Nasser, Saudi Aramco President and CEO

Amin Nasser, President and CEO of Saudi Aramco, said energy transition is not going smoothly, referring to a resurgence in demand for oil and gas as the global economy recovers while supplies lag on the back of falling investment, Reuters reported.

At his speech at the B20 conference in Indonesia, Nasser said: "We all agree that to move towards a sustainable energy future a smooth energy transition is absolutely essential, but we must also consider the complexities and challenges to get there."

The top official indicated that investments in hydrocarbons should be carried out along with the new types of energy, as demand for conventional energy will likely prevail for a long time.

With the start of recovery in global economy, demand for oil and gas grows, but because of the falling oil and gas investments, supplies lag, which is the reason for the scarcity in the markets of Europe and parts of Asia, Nasser said.

He suggested that investment in the existing and new types of energy should continue until the latter is sufficiently developed so it can realistically and significantly meet the increasing global consumption of energy.