The minister also stressed that acquisitions carried out by major oil companies, such as Chevron’s $53 billion deal to buy Hess, showed that hydrocarbons are here to stay.
Prince Abdulaziz also referred to ExxonMobil’s deal to fully acquire Pioneer Natural Resources at a value of $59.5 billion.
He added during the annual Future Investment Initiative conference in Riyadh that companies such as Exxon and Chevron did not make these investments because they wanted to own assets without benefiting from them.
In turn, Amin Nasser, CEO of Saudi Aramco, said on Tuesday that he expects significant growth in demand for oil, and attributed this to a possible recovery of the Chinese economy and the aviation sector, which is still below pre-pandemic levels.
He added that the energy transition through one size for all is not acceptable, because it must take into account the economic maturity of different countries.
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