During the Energy Intelligence Forum in London, Saudi Aramco President and CEO Amin H. Nasser emphasised the importance of energy addition to meet rising global demand and the company’s determination to remain dominant in oil.
The CEO said, “Much of the promised progress has not been delivered, with many unintended consequences. Thankfully, it is finally shifting the narrative in three key ways. First, while EVs and renewables are growing, they are not even covering demand growth and remain small in absolute numbers… In reality, this is not a true energy transition; it’s an energy addition, which requires all hands on deck. Second, this reality is why every major forecaster is revising scenarios, with oil and gas locked in for decades, which I hope serves as the green light for long-term investments in both. Third, even in the Global North, the economic realities, technological limits, and public acceptance of the current transition plan are forcing some welcome policy U-turns.”
While shedding further light on Aramco’s growth strategy, Nasser remarked, “We are determined to remain dominant in oil thanks to a massive resource base, low costs, and one of the lowest upstream carbon intensities across the industry… We are accelerating in gas, as we have some of the world’s largest reserves, including significant potential in unconventional gas… And despite the current downturn, chemicals remain a key long-term growth area, with our proven strengths in feedstocks and conversion.”
Talking about the energy giant’s deployment of advanced technologies, Nasser continued, “We continue to deliver efficiency improvements and are further reducing our upstream carbon and methane intensities. We are deploying AI at scale, backed by major investments in infrastructure and top talent, as well as a USD 7 billion venture capital programme. Ultimately, our focus is on value as we invest in technology development, AI, and digital solutions… The same approach applies to our careful positioning in new energies, ready to scale up when commercially competitive. This balanced strategy is preparing us for a realistic future, delivering long-term value to our stakeholders and shareholders worldwide.”
Noting that the Kingdom holds a substantial share of the world’s spare oil capacity (idle supply that can quickly be brought to market), Nasser projected that global oil demand would rise by 1.1 million to 1.3 million bpd in 2025, and by 1.2 million to 1.4 million bpd in 2026.
Aramco, meanwhile, still views chemicals as a strategic growth area, even as rivals such as Shell and Exxon Mobil scale back operations. Nasser noted, “Despite the current downturn, chemicals remain a key long-term growth area, with our proven strengths in feedstocks and conversion.”
The company has been expanding its downstream and petrochemical portfolio to diversify revenue. In October 2025, it gained majority control of Petro Rabigh by acquiring a 22.5% stake from Sumitomo Chemical. In July this year, it bought a 10% stake in China’s Rongsheng Petrochemical for USD 3.4 billion, securing access to a 400,000-bpd refinery. Aramco is also building a USD 11 billion petrochemical complex with TotalEnergies at its existing Satorp refinery in Saudi Arabia.