Energy
Tuesday, March 19th, 2024 8:36 pm EDT
Key Points
- Global energy demand is projected to outpace population growth until 2050, contrary to predictions of demand peaking by the end of this decade, as stated by Kuwait Petroleum Corporation’s CEO, Shaikh Nawaf al-Sabah.
- Al-Sabah emphasized the need for increased energy intensity to accommodate the rising global population, particularly addressing the lack of electricity and clean cooking solutions for millions in the developing world.
- Saudi Aramco CEO Amin Nasser highlighted the significant demand growth potential in developing nations and criticized the current energy transition strategy, advocating for investments reflecting the ongoing importance of hydrocarbons. The Kuwait Petroleum Corporation plans to boost production capacity to meet rising demand, reaffirming the enduring centrality of crude oil in the global energy landscape.
At the CERAWeek by S&P Global energy conference, CEO Shaikh Nawaf al-Sabah of Kuwait Petroleum Corporation challenged the notion that global energy demand would peak by 2030, asserting that it will outpace population growth through 2050. Al-Sabah emphasized the need for increased energy intensity to accommodate the rising global population, particularly addressing the lack of electricity and clean cooking solutions for millions in the developing world. Contrary to the International Energy Agency’s forecast of peak demand for oil, coal, and natural gas before the decade’s end due to clean energy advancements, Saudi Aramco CEO Amin Nasser highlighted the significant demand growth potential in developing nations, where investment in renewables remains disproportionately low. Nasser criticized the current energy transition strategy as unrealistic, advocating for investments reflecting the ongoing importance of hydrocarbons in the energy mix. Meanwhile, Kuwait Petroleum Corporation plans to boost production capacity to meet rising demand, underscoring the enduring centrality of crude oil in the global energy landscape despite increasing emphasis on renewable energy sources.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/03/19/global-energy-demand-will-outpace-population-growth-through-2050-kuwait-oil-ceo-says-.html
