Saudi Aramco CEO Declares the Great ‘Transition’ Is Failing

March 25— In a speech delivered March 18 at an oil conference in Houston, top Saudi oil official, Aramco CEO Amin Nasser declared British King Charles’ and the World Economic Forum's global “energy transition” as "failing." Nasser said fossil fuels production and demand will keep growing, not “peaking” in 2030 or any other year to be named: “In the real world, the current transition strategy is visibly failing on most fronts, as it collides with hard realities. [Nations] should abandon the fantasy of phasing out oil and gas, and instead invest in them adequately, reflecting realistic demand assumptions.”

Nasser based his statements, which reflect the views of the Saudi government, on the very small share of worldwide energy generation and consumption which “renewables” still represent, despite a decade of massive investment in them, in some years to the 90% exclusion of investment in anything else. He said that despite $9.5 trillion invested in “renewables” since 2005, wind and solar still supply less than 4% of energy generation worldwide; President Biden’s beloved electric vehicles, less than 3% of motor vehicle sales.