Aramco President and CEO Amin Nasser has urged global policymakers to adopt a more realistic approach to energy transition, warning that oil and gas will remain critical to the global economy for decades.
Speaking at the Energy Intelligence Forum 2025 in London, Nasser said current policies must ensure that energy remains sustainable, affordable, and reliably available, while supporting global growth.
During his address, Nasser reaffirmed that oil and gas remain the backbone of the global economy, stressing the need to strengthen all energy sources to meet rising global demand.
‘Oil and gas are still the backbone of the global economy’
He also highlighted Aramco’s long-term growth ambitions, spanning oil, gas, and chemicals.
He noted that many forecasters and analysts are revising their energy transition scenarios to make them more realistic, a shift that he said could serve as a green light for long-term investment in both sectors.
Nasser pointed out that unrealistic transition targets have failed to materialise and have led to unintended consequences, particularly as electric vehicles and renewables have not yet met the pace of demand growth — even in advanced economies.
Aramco vision
“While electric vehicles and renewables are growing, they are not even covering demand growth and remain small in absolute numbers,” Nasser said, adding that economic realities and technology limits are prompting policy U-turns in several advanced nations.
On the company’s performance, Nasser said Aramco remains determined to lead in oil production thanks to its vast resource base, low costs, and one of the industry’s lowest upstream carbon intensities.
He added that Aramco is also accelerating in gas, stating: “We have some of the world’s largest reserves, including significant potential in unconventional gas,” he said, affirming the company’s determination to substantially increase gas production.
Nasser reaffirmed that chemicals remain a key long-term growth area, supported by Aramco’s established strengths in feedstocks and conversion capabilities.
Technology and investment focus
He also underlined Aramco’s use of advanced technologies, including the deployment of artificial intelligence at scale across its operations.
These efforts are supported by major investments in infrastructure, top-tier talent, and a SR26.25bn ($7bn) venture capital programme.
Nasser said the company remains committed to reducing carbon and methane emissions in early production stages while strengthening its presence in the new energy sector.
He described Aramco’s approach as a balanced strategy, designed to prepare the company for a realistic energy future and deliver long-term value to stakeholders and shareholders globally.
Energy Intelligence Forum 2025
The Energy Intelligence Forum is an annual gathering of leaders from the energy, policy, finance, and business sectors, focused on addressing global challenges and shaping the industry’s future.
This year’s edition in London examined the impact of trade protectionism on the energy system and the complexities of the global energy transition.
