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Business, Energy

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Aramco head calls for sustained investment in oil sector

Nasser refused to disclose more about any potential investments.
By TRENDS Desk
February 22, 2022 12:28 am
  • Nasser revealed that Aramco continued investing in 2020 even during the COVID-19 pandemic
  • Aramco increased the spare capacity from 12 million barrels per day to 13 million bpd in 2020

Saudi Aramco President and CEO Amin H Nasser urged companies and governments to continue investing in the oil sector to meet future demands.

Addressing the International Petroleum Technology Conference 2022 in Riyadh, Nasser revealed that Aramco continued investing in 2020 when the COVID-19 pandemic was at its peak.

Aramco increased the spare capacity from 12 million barrels per day to 13 million bpd in 2020, which Nasser attributed to the company’s belief in future demand.

According to the CEO, the investments made by Aramco’s investments are not sufficient enough to keep the industry afloat, and more companies and governments should come forward to fund the sector.

Talking about the goal to achieve net-zero, Nasser asserted the need of having a pragmatic and realistic plan which is also affordable.

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