Oil Industry Leaders Reject Fossil Fuel Phase-Out, Claim Energy Transition is Failing

At the CERAWeek conference in Houston, top executives from the world's largest oil companies argued against the feasibility of rapidly moving away from oil and gas, citing rising global demand and the current state of renewable energy technologies.

Top oil executives, including those from Saudi Aramco, Shell, and ExxonMobil, criticized the pace of the clean energy transition at the CERAWeek conference, calling for continued investment in oil and gas.
Saudi Aramco's CEO dismissed the International Energy Agency's forecast of peak oil demand by 2030, predicting instead that oil demand will reach a new record of 104 million barrels per day.
The industry's stance has sparked backlash from climate campaigners and environmental groups, who accuse oil companies of obstructing the transition to renewable energy.
Despite criticism, oil executives highlighted their companies' investments in carbon capture and other technologies as part of their climate strategy.
The debate comes amid record profits for the oil industry and concerns over energy security, especially in light of recent geopolitical tensions.