Riyadh: Amin Nasser, president and CEO of Saudi Arabian Oil Co., believes that Asian nations should take the initiative and play a significant part in establishing a practical, organised, and inclusive global energy transition.  

Speaking in Kuala Lumpur at the Energy Asia conference, which was hosted by Malaysia's state oil company Petronas, Nasser suggested that the region's nations adopt strategies that reflect their particular priorities.

During his speech, he also reaffirmed Saudi Aramco's plan for balancing rising energy demands with more environmentally friendly solutions.  

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The popular energy transition narrative and the current transition policies, he claimed, "do not, in my opinion, adequately reflect the interests of this dynamic region when it comes to the energy transition."  

The transition policies currently in place, in Nasser's opinion, should emphasise affordability and energy security in addition to addressing environmental sustainability.  

"In my opinion, this is a fantastic opportunity for Asia to express its distinct transition priorities louder and more forcefully. The transitional voice of Asia must be consistent with its economic voice, he said.

As a result of game-changing technologies, Nasser continued, "We are doubling down on Asia's growing demand for energy, chemicals, advanced materials, lubricants, and new lower carbon energy. By serving as Asia's one-stop shop and attempting to strike a balance between energy security and affordability and environmental sustainability, (we are) doubling down on these needs.  

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In discussing the prospects for Asia, Nasser claimed that a fresh strategy for the region's energy transition will "deliver the energy future that its economies and people deserve."  

Nasser noted that healthy demand in developing nations like China and India will be a major factor in the continued stability of the global oil market fundamentals for the remainder of 2023.  

"The economies of developing countries — especially China and India — are driving healthy oil demand growth of more than 2 million barrels per day this year," he said. "This is despite the recession risks in several OECD (the Organisation for Economic Cooperation and Development) countries."  

He continued, "The transportation and petrochemical sectors are still showing strong signs of growth despite China's economic headwinds and challenges."  

Nasser issued a warning in February that the energy transition's goals and policies had put the world's demand on a dangerous course because there were insufficient supply alternatives.  

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Options are not yet equipped to handle the immense pressure of global demand. From my perspective, everyone—including the capital markets—must adopt a more realistic perspective of how the energy transition will play out, he said at the Saudi Capital Market Forum in Riyadh.

During a press conference in March, he responded to a question from Arab News by saying that the energy transition won't take place unless affordability, supply security, and sustainability are guaranteed.