Saudi Aramco President and Chief Executive Officer, Engineer Amin Al-Nasser has said that the energy market is on the track to regain its balance and that short-term factors should not overshadow the need for long-term investment. Speaking at the 18th World Oil Summit held in Paris, Al-Nasser said that oil will play a key role in meeting the world's future demand for energy despite the scenarios of "peak demand for oil" and "unexploited resources", depicting such scenarios as excluded. He explained that the projected increase in the world's population of two billion by 2050 will lead to a much higher demand for energy than it is now,", pointing out that "This high demand can only be met by exploiting all energy sources, whereas in spite of the progress made, alternatives still face many challenges that require from both the energy sector and consumers alike to expect a long and complicated transformation in the energy sector. He further said that "The final result is clear. The demand for oil will continue to rise at fairly good levels for the foreseeable future and that is why I am fully convinced that the(peak oil demand) will not loom for at least the next few decades and that the same reason leads me to exclude the idea of "unexploited resources". Engineer Al-Nasser stressed that "We can directly confront all challenges and conditions are poised for oil to remain an essential component of the global energy mix for a long time to come."
