Presenting his views on the future of petroleum supply and demand in the “The Global Energy and Materials Forum” organized here recently by management consulting firm McKinsey & Company, Saudi Aramco Executive Vice President of Operations Khalid A. Al-Falih said that oil will “retain its leading role among the world's energy sources … [as] there is consensus that fossil fuels will still be supplying some 80 percent of the world's total energy requirements.” In remarks before an audience of energy and management executives and experts, Al-Falih said that the recent decline in oil prices is due to a “confluence of factors,” including lower demand, a surplus of supplies, and a prevailing negative sentiment about the global economy. Addressing the focus on alternative energy sources, Al-Falih said that “the world will need energy from different sources, yet, fossil fuels will continue to furnish the lion's share of global energy demand for the next few decades.” --MORE
