Saudi Aramco Chief Executive Amin Nasser says the global energy transition has fallen short of expectations, with traditional fuels regaining prominence. Speaking at the Energy Intelligence Forum in the UK, Nasser argued that alternative energy sources have “added to rather than replaced oil and gas,” while major forecasts now show hydrocarbons will remain central for decades.
He noted that political realities are prompting governments to reverse earlier energy policies, acknowledging the limits of rapid transition. Over the past decade, global energy demand has risen by 40 million barrels of oil equivalent per day, with two-thirds met by hydrocarbons despite $11 trillion invested in renewables. Fossil fuels still supply 80% of total energy use.
“This is not a phase-down of hydrocarbons,” Nasser said, warning that surging AI-driven power needs could quadruple data centre electricity consumption by 2030 compared to the entire EV fleet.
