Riyadh – Mubasher: The oil industry is suffering 'a crisis of perception' as many believe in the end of the oil era, particularly with the rise of green industries, a top official said Tuesday.
The demand for oil is expected to surge, Saudi Aramco’s CEO Amin Nasser said during an event in London, describing the false perception as "illogical" and "not based on fact."
Nasser further added that this growth in demand would be driven by the transportation sector.
“Important stakeholders believe that the entire world will soon run on anything, but oil. These views are not based on logic and facts, and are formed mostly in response to pressure and hype,” Reuters reported, citing Aramco's Nasser as saying.
Nasser revealed that about 20% of oil demand came from passenger vehicles, while other sectors, such as planes, ships, trucks and petrochemicals, consumed the rest.
The hydrocarbon sector is in need of more investments to grow and meet the global demand for energy, the CEO maintained.
In February, the Organization of the Petroleum Exporting Countries (OPEC) reduced its forecast for the world’s demand for crude oil during 2019 by 240,000 barrels per day (bpd).
