Top executives in the fossil fuel industry affirm that the “peak oil” will not affect their business in the near future. Executives from major fossil fuel companies worldwide have gathered in Canada to assert their belief that the “peak oil” will not impact their business in the near future. These executives are attending the 24th World Petroleum Congress, one of the largest conferences in the world on oil and gas, held in Calgary. Despite growing pressure on the industry to address its contribution to climate change, leaders remain optimistic about the future of the industry.
Against the backdrop of rising West Texas Intermediate crude oil prices, reaching the highest level since November of the previous year, industry representatives and government officials have come together to discuss the future of the industry. The event marks the first time that the Congress has been held in Canada since 2000.
While acknowledging the need to address climate change and the industry’s role in it, oil and gas executives maintain a positive outlook. Amin Nasser, CEO of Saudi Aramco, the world’s largest oil company, emphasized his belief that global oil production could reach 110 million barrels per day by 2050 in a panel discussion during the conference. These sentiments come shortly after the International Energy Agency predicted an increase in global oil demand, driven by resurging Chinese demand and geopolitical tensions affecting energy markets.
However, the IEA also forecasted that oil and gas demand will peak in 2030, as the transition to electric vehicles accelerates and countries intensify their efforts to combat climate change. Despite this, Nasser and other industry leaders remain confident in the growth potential of fossil fuels.
Sources:
– The Canadian Press
– International Energy Agency