April 30, 2024 10:44 GMT
80% of Oil Demand to Come from Global South by 2050: Aramco
OIL
Saudi Arabia’s CEO Amin Nasser said April 29 that nations in the Global South will continue to fuel oil demand growth, according to Platts.
- "Coal is an average of $50/boe, LNG [liquefied natural gas] is $70/boe and oil is fluctuating between $80/b and 90/b. Countries have different priorities and will go for the most affordable," Nasser said.
- Nasser urged the energy transition to take a multi-speed approach that factors in the economic maturity of a country.
- Saudi Arabia recently scaled back their plan to expand production capacity to 13m b/d by 2027, up from the current 12m b/d.
- The decision was attributed to the country’s diversifying power mix, which aims to incorporate 100-130 GW of renewables.
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