Aramco, ADNOC CEOs call for ‘energy realism’ in Houston

The remarks, while unsurprising for energy executives, come as global climate action recedes and demand for energy rises: Power demand in the US, for example, is on the rise after decades of stasis. It’s also a moment when many countries are concerned about energy security after wars and sanctions disrupted supplies.

Oil demand is growing, liquefied natural gas and chemical sales are projected to rise by more than 40% by 2035, and electricity will surge by 70%, Al Jaber said. A big driver is artificial intelligence. “The true cost of AI is not just in code, it’s in kilowatts. The race for AI supremacy is essentially an energy play,” he said.

Nasser said policies and investments should consider growing demand, and “serve the needs of developed and developing nations alike,” in reference to renewables. Technology also has a role, he added, to make the consumption side more efficient and reduce emissions during the extraction and production of hydrocarbons.

It wasn’t exactly “drill, baby, drill” — but Al Jaber concluded with: “Let’s make energy great again.”