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Saudi Aramco Chief Executive Officer Amin Nasser said there are no quick fixes for the energy transition amid forecasts that oil usage will peak soon.
“This notion is also wilting under scrutiny because it’s mostly being driven by policies rather than the proven combination of markets, competitive economics and technology,” Nasser said at the World Petroleum Congress in Calgary.
Oil demand will rise to a record of 103 million to 104 million barrels a day in the second half of the year, he said.
That continued usage makes it “dangerous” to try to phase out fossil fuels too quickly, he said.