RIYADH, Oct. 28 (Xinhua) -- Saudi Aramco President and CEO Amin Nasser said here Tuesday that global energy demand continues to grow, driven mainly by developing economies, with hydrocarbons remaining essential for decades.
Speaking at the ongoing 9th Future Investment Initiative Conference, Nasser noted that about 80 percent of recent oil and gas demand growth has come from the Global South, where per-capita consumption remains low.
Nasser stressed the need for a balanced energy transition, recognizing differing regional priorities between sustainability in the Global North and affordability and supply security in the Global South.
He said oil demand is expected to rise by 1.1-1.4 million barrels per day in 2026, supported by developing economies' growth.
Aramco continues investing in hydrocarbons alongside renewables and low-carbon solutions, planning to expand gas production by over 60 percent by 2030, Nasser said.
He highlighted the company's multi-billion-dollar investment in digitalization and artificial intelligence, which have improved operational efficiency and reduced emissions. ■
