Aramco CEO: Don't demonise hydrocarbons, more spare capacity needed

Saudi Aramco CEO Amin Nasser (File photo by Reuters)

Saudi Aramco CEO Amin Nasser (File photo by Reuters)

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RIYADH (Oct 23): The chief executive of oil giant Saudi Aramco, Amin Nasser, said on Saturday the hydrocarbon industry should not be demonised, and more investment is needed to ensure adequate spare capacity or else there could be an "economic crisis".

Nasser, speaking at the Saudi Green Initiative, said crude oil spare capacity is "declining fast" and with the opening of economies post Covid-19, usage will increase. He said Aramco was doing its part but the "rest of the world needs to do its part".

Nasser, whose remarks come at a time of growing calls for a reduction in fossil-fuel investment, said the focus should be on both existing and new energy sources and that "demonising" the hydrocarbon industry "will not help anybody".