The head of the world's largest energy company on Monday suggested that oil and natural gas will be around for a long time to come and consumption of both sources of energy are likely to grow for at least the next decade or two.Climate change and carbon emissions are two of the top issues discussed at the CERAWeek by S&P Global summit in Houston, which is one of the largest energy conferences around the world.
Oil consumption will reach a new record of 104 million barrels per day this year, Nasser said, and could keep growing through 2045. After the agreement was passed in December during the UN climate conference, the president of the two-week summit in Dubai, Sultan al-Jaber, said theThe agreement was considered groundbreaking as it marked the first time that countries agreed to explicitly address fossil fuels and the need to move away from oil, natural gas and coal in order to limit global warming.
In Houston on Monday at the CERAWeek by S&P Global energy conference, some other CEOs of oil companies also cautioned how it will take time for the world to shift to low-carbon sources of energy, such as hydrogen.