The world needs oil – despite all climate promises.
(Photo: dpa)
This is the lie of life of our generation – and of all people the head of Saudi Aramco utters it: At the moment, significantly more must be invested in the expansion of oil production, despite all climate protection claims.
Amin Nasser, the head of the world’s largest oil company, is not wrong. By next year at the latest, the global economy will suffer from a huge oil deficit. If air traffic rises to the pre-Corona level again in 2022, the funding capacities will not be sufficient due to the current lack of investment.
Bad for all consumers, whether private or industrial: Then prices will shoot up.
For some time now there has been a dispute in the oil industry as to whether it is still worth investing in exploring new oil fields and in conveyor technology. The “Seven Sisters”, the large western corporations, are increasingly denying this and are investing more in renewables instead of oil.
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Aramco, on the other hand, is expanding its exploration and is waiting for an end to the production limit imposed by the Opec cartel. The speculation could work out in the end.
Demand for the raw material oil is still growing
Pollution, call the environmentalists – and they are right. There is one fact that they can hardly deny: as long as oil is the lifeline for industrial production, flying, driving and power generation – and this will remain so for a few years due to growing demand, especially in emerging economies catching up to the west – oil will be available at reasonable prices second hand.
Consumers and politicians are responsible for shortening this period through appropriate consumption or regulation.
And: Aramco is not just pumping more and more climate-damaging oil out of the earth. The Saudi company is also trying to do its part in the fight against climate change through so-called carbon capture and storage.
The kingdom now wants to become climate neutral by 2060. A big step. And they are not just empty words: Millions of trees are being planted in the desert, watered with seawater that is desalinated with the help of solar power, and of course with new, “green” oil.
More: Where did the sudden energy crisis come from?