Saudi Arabia says it will be the last man standing when the world finally weans itself off oil. And it doesn't expect that to happen for a very long time, despite the rise of renewable energy.
Oil would account for a smaller share of world energy consumption in future, but in absolute terms demand will continue to rise.
“I don’t see peak [oil] demand happening in 10 years or even by 2040,” Saudi Aramco CEO Amin Nasser told CNN Business' Emerging Markets Editor John Defterios.
"There will continue to be growth in oil demand … We are the lowest cost producer and the last barrel will come from the region.”
According to an independent audit released earlier this month, Saudi Arabia has oil reserves of 268.5 billion barrels. Those are the second biggest in the world after Venezuela. The kingdom is currently pumping about 10.5 million barrels of oil per day, down from 11 million in November. Together with its OPEC partners and Russia, it cut production recently in a bid to stabilize prices.