Oil Daily | Saudi Aramco CEO Urges Energy Transition Reset Amid Rising Global Oil Demand

【Industry News】

Masdar, the UAE renewable energy giant, aims to become a leading global renewable company with 100 GW of solar and wind assets by 2030. The company plans significant market shares in the Middle East, Europe, the U.S., and Asia. Masdar is actively acquiring renewable assets worldwide, including major deals in Spain, Greece, and the U.S., as well as advancing the Dogger Bank South offshore wind project in the UK.

India faces a potential $30 billion annual cost for importing solar panels to meet its 2030 target of 500 GW in solar and wind capacity. Local production largely relies on imports, with 90% of solar manufacturing in India involving assembling modules from imported cells. Achieving the ambitious target requires substantial investment in domestic supply chains, especially polysilicon and wafers.

Cuba experienced multiple blackouts after a failure at the Antonio Guiteras power plant and the impact of Hurricane Oscar. The country's power grid requires urgent repairs, compounded by reduced fuel supplies from Venezuela and Mexico. The Cuban government announced a significant price hike for energy and fuels due to economic challenges and the inability to maintain subsidies.

【Oil-Producing Countries Dynamics】

Saudi Aramco's CEO, Amin Nasser, called for a reset in energy transition plans for developing countries, citing ongoing growth in oil demand. At the Singapore International Energy Week, Nasser emphasized the need for more than 100 million barrels of oil per day by 2050, advocating for developing countries to decide their energy mix and transition pace.