The sector is a natural magnet for criticism from clean energy advocates, environmental activists and pro-green politicians. But after a tough spell at the height of pandemic, when demand and profits collapsed, the industry has bounced back amid higher oil and gas prices, and landed on a common approach:
Nasser said he expects record usage of 103 million to 104 million barrels a day in the second half of this year, with demand climbing to 110 million by 2030. That puts the onus on the industry to continue developing new sources of production, rather than paring back output as environmentalists want. Saudi Energy minister, Prince Abdulaziz bin Salman said, the kingdom wants to support the transition but politicians must be honest about the challenges ahead, and the risks if the shift isn’t managed well.