Arab News

RIYADH: Saudi Aramco CEO Amin Nasser on Tuesday said the “tragic situation unfolding in Ukraine is making the global energy crisis worse.”

Nasser, speaking at CERAWeek in Houston, echoed other energy executives in saying that the crisis exposes the mixed signals delivered by policymakers to the oil-and-gas industry amid the energy transition.

“As oil and gas investments are discouraged, demands are being placed on our industry to increase production,” he said.

Saudi Aramco Chief Executive Amin Nasser said Tuesday the mixed signals from policymakers are making the crisis worse.

The Aramco chief said: “All energy resources will be needed to support a successful transition, and the demonization of our industry is not helping.”

“We need consensus on the essential role of oil and gas with lower emissions, working side-by-side with alternatives to meet the rising global call on energy and deliver on net-zero ambitions.”

Nasser also said the Ukraine crisis has exposed limitations of current energy policies and is a bleak reminder of the impact of geopolitics on the fragile energy transition.