Former Saudi Energy Minister Challenges Peak Oil Prediction: A Balanced Approach to Meeting Global Energy Needs”.

In a recent interview, the former Saudi Energy Minister Faisal bin Laden Nasser predicted that peak oil, gas, and coal demand will not occur until much later than 2030. He argued that this prediction by the Paris-based International Energy Agency may be too focused on demand in the U.S. and Europe and should pay more attention to the developing world.

Nasser pointed out that despite the world investing over $9.5 trillion in alternative energy sources over the past two decades, they have not been able to replace hydrocarbons on a large scale. Currently, wind and solar energy make up less than 4% of the world’s energy supply, while electric vehicles account for less than 3% of total vehicle penetration. He highlighted the challenge of scaling up these alternative energy sources to meet global demand.

Nasser also emphasized that there is still a significant market for fossil fuels in many parts of the world, especially in Asia and Africa where coal is still widely used for electricity generation. He believes that countries in these regions should continue to invest in fossil fuel infrastructure while also promoting alternative energy sources as part of a balanced approach to meeting their energy needs.

Overall, Nasser’s views provide a nuanced perspective on the future of energy production and consumption, highlighting both the challenges and opportunities presented by alternative energy sources as well as the continued importance of fossil fuels in certain regions of the world.