Demand for Oil Staying above 100m Barrels

Aramco CEO Amin Nasser said he expected global oil demand to stay above the 100 million barrels threshold as the rise of the global middle class spurred demand for energy. A panel on the global energy outlook at the World Economic Forum in Davos heard that renewable energy alone would not be able to meet rising demand for power as more people moved into the middle class. “There will be additional demand and the only way to meet it is if you continue to provide affordable. reliable and viable energy to the rest of the world.“ said the Aramco CEO. “There is good penetration from renewables and electric cars are picking up however you need to consider what is happening in the world. There are still an additional 2 billion people coming. There are currently 3 billion people using biomass. animal dung. kerosene for cooking and there are 1 billion people today without electricity and almost 50 percent of people have never flown in an aeroplane.“ The panel heard that coal. not oil. remained the biggest source of carbon emissions but that the location of many coal-fired power plants in developing Asian economies meant that reducing its impact was a major challenge. “The number one source of emissions by far is the coal fire power plants – they alone are responsible for one third of emissions.“ said International Energy Agency Executive Director Fatih Birol. “But they are in many cases the number one source of electricity generation in low income countries – so this is not a black and white issue.“

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