Falih suggested that energy security should be addressed in the framework of a strong interdependent relationship between suppliers and consumers, according to a latest report carried by Saudi Aramco's web-site. Al-Falih explained that the peak-oil concept was damaging as it contributed to great price volatility, which was harmful to consumers and suppliers alike. "Although the industry faces more complex technological issues, plenty of resources are available." He expressed confidence in a talented work force capable of developing innovative technology to overcome future challenges. He acknowledged that fossil fuel is ultimately a finite resource but advised the audience that the world will rely on petroleum for energy needs in the long-term. --MORE
