Aramco CEO Highlights Oil, Gas Crucial Amid Global Conflicts

Amin Nasser, CEO of Saudi Aramco, emphasized the critical importance of oil and gas during times of conflict at the Energy Asia Conference in Kuala Lumpur, highlighting ongoing global concerns about energy security. He noted that historical experience shows new energy sources complement rather than replace traditional fossil fuels, with renewable energy currently unable to meet global demand. Nasser also pointed out that the transition to net-zero emissions could cost up to $200 trillion. He stressed that energy security and affordability are now key pillars alongside sustainability in the energy transition. His remarks were made amid recent geopolitical tensions, including Israel's strikes against Iran, which have caused a surge in oil prices. Aramco remains a cornerstone of Saudi Arabia’s economy, funding the kingdom’s Vision 2030 diversification through oil exports.