Saudi Energy Boss Al-Falih Says Peak Oil Demand Talk Misguided
- Assumptions about stranded oil seen as discouraging investment
- IEA chief says growth may be slowing, but agrees no peak near
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Saudi Arabia’s top oil official dismissed the notion that global demand may soon peak and leave billions of barrels of untapped crude stranded in fields that will never be drilled.
Khalid Al-Falih, energy minister for the world’s biggest oil-exporting nation, called talk about peak demand among energy executives, analysts and activists “misguided,” and predicted worldwide demand will reach 100 million barrels a day “very soon.” Al-Falih made his remarks Tuesday in a packed-house address at CERAWeek by IHS Markit in Houston, the most influential oil industry conference of the year.