US oil companies see demand for fossil fuels for a long time to come

US oil companies see demand for fossil fuels for a long time to come

Photo: ANP

The top executives of major US oil companies expect demand for fossil fuels to continue for decades to come, despite the transition to renewable energy sources. That was said at the World Petroleum Conference that started Monday in the Texas city of Houston.

For example, ExxonMobil CEO Darren Woods argued that even under the most credible energy transition scenarios, oil and gas will continue to play an important role in meeting societies’ energy demands. Top executive Jeff Miller of the large oil services company Halliburton stated that there is a shortage of oil. “I think for the first time in a long time we see a buyer looking for a barrel of oil instead of a barrel of oil looking for a buyer.”

In addition, CEO Patrick Pouyanné of the French oil group TotalEnergies warned that the high prices of fossil fuels could lead to countries waiting to switch from polluting coal to much cleaner natural gas. For example, in countries such as China and India much more use is made of coal due to the high gas prices. For his part, Amin Nasser, chairman of the board of the Saudi state oil group Saudi Aramco, said that the supply of renewable energy is not yet large enough to replace fossil fuels.

US oil companies see demand for fossil fuels for a long time to come
Source link US oil companies see demand for fossil fuels for a long time to come

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