Ukraine invasion worsens global energy crisis, says Aramco CEO

Amin Nasser President and CEO of Saudi Aramco

Amin Nasser President and CEO of Saudi Aramco said the invasion of Ukraine is making the global energy crisis worse. The crisis exposed limitations of current energy policies and is a bleak reminder of the impact of geopolitics on the fragile energy transition.

"Contrary to the prediction of many, oil and gas demand has surged back as economies recover," Nasser said in a speech at the CERAWeek energy in Houston.

"As oil and gas investments are discouraged, demands are being placed on our industry to increase production," he added, noting that this is not only a direct threat to economic prosperity, energy security, but a sure path to unaffordable energy supply.

It compromises climate protection progress every passing day, Nasser stressed.

The complete transformation of the entire global energy system requires thousands of mega and giga transition projects, across multiple sectors.

It has unprecedented design, engineering, and implementation challenges. It relies on many technologies that are not mature and un-economic right now, and on others that do not yet exist.

Nasser called for a purpose-built global energy transition forum to discuss its precise shape and form, and also to bridge the gap between idealism and pragmatism with a practical, stable, and inclusive transition plan, without compromising climate goals.