Saudi Aramco CEO: Not worried about electric vehicles affecting oil demand

President and CEO of Saudi Aramco Amin Nasser said that electric vehicles are not a threat to oil demand because even in aggressive growth scenarios, they only affect a small part of the demand, which is light vehicles.

The CEO said that electric vehicles today is only 0.5 percent of a fleet of 1.5 billion light vehicles and heavy trucks, in a session titled “Future-Proofed Financing Strategies for an Economy in Transition,” which was conducted as part of the Financial Sector Conference in Riyadh.

“Electric vehicles touch only 25 percent and that is light vehicles, while 75 percent of what we supply as an industry goes to heavy trucks, aviation, shipping, and chemicals … So I am not worried about electric vehicles,” said Nasser.

The oil giant’s CEO also talked about the company’s view of the future, in light of recent events.

“Our view of the future, especially with what’s going on, is making sure that we have an adequate, reliable, affordable, and clean source of energy,” he said.

Last Update: Wednesday, 20 May 2020 KSA 09:53 - GMT 06:53