Oil demand ‘likely’ to be driven by transportation: Aramco CEO

Demand for global oil is expected to substantially increase, driven by the transportation sector, Reuters reported, citing Amin Nasser, chief executive officer of Saudi Aramco.

“Important stakeholders believe that the entire world will soon run on anything but oil. These views are not based on logic and facts, and are formed mostly in response to pressure and hype,” Nasser said in his speech at the International Petroleum Week gathering of energy professionals in London on Tuesday.

“The oil industry is facing a crisis of perception and the views of some observers that the end of oil is near with the rise of electric vehicles are illogical and not based on fact,” he continued.

Nasser called for more investments in the oil and gas sector to meet future growth, adding the oil industry must “push back on exaggerated theories like peak oil demand.”

“Oil demand is expected by many to peak in coming years amid lower emissions and higher demand for more fuel-efficient vehicles and renewable sources of energy,” he said.