“Useless”. This is how Amin Nasser, CEO of the world’s largest oil exporter, Saudi Aramco, described recent measures by European governments to deal with the energy crisis. “Freezing or capping energy bills may help consumers in the short term, but it doesn’t address the root causes and it’s not the long-term solution,” he told a forum in Switzerland. the output is clearly not useful.”
This statement comes a week after the European Union announced its intention to raise €140 billion through a tax on the “abnormally high profits” of energy sector players to help households and businesses whose bills explode.
Fossil fuels neglected too quickly?
“The conflict in Ukraine has certainly intensified the effects of the energy crisis, but it is not the main cause, believes Amin Nasser. Unfortunately, even if the conflict were to end today as we all wish, the crisis would not be long in ending.” For the Saudi billionaire, the root cause of the crisis stems from a lack of investment in fossil fuels at a time when alternative energy sources were not yet available.
Saudi Aramco rightly made one of the biggest quarterly profits in corporate history between March and June with a total of $48 billion generated. The company also recently invested to gradually increase production capacity in Saudi Arabia to 13 million barrels a day over the next five years. The objective is, therefore, to anticipate the recovery of the world economy and to be able to respond to the strong recovery in demand for black gold that will accompany it.
Source: BFM TV
