Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current energy transition strategy as a misguided failure on Monday.
The Saudi state has ordered energy major Aramco to stop work on expanding its maximum sustainable capacity to 13 million barrels daily, instead keeping it at 12 million bpd.
RIYADH — Saudi Aramco President and CEO Amin Nasser expected global demand for oil to rise by 1.5 million barrels per day (bpd) to 104 million bpd in 2024.