In a recent interview with CNBC, Amin Nasser, CEO of Saudi Aramco, emphasized the strong global demand fundamentals for oil and gas. Nasser highlighted Saudi Arabia's strategic advantage in natural gas and renewable energy, positioning the kingdom to become a leader in artificial intelligence (AI). Aramco plans to acquire a significant minority stake in Humain, a newly launched AI company that aims to establish Saudi Arabia as a key player in the global AI landscape, alongside the United States and China.
Nasser noted that Saudi Arabia offers the lowest costs for renewable energy and natural gas, making it an attractive location for data centers that require substantial electricity for AI applications. He stated that these facilities are expected to consume nearly four times the electricity of the global electric vehicle fleet by 2030, primarily powered by natural gas and renewable sources.
To support this growth, Aramco is significantly increasing its capital expenditures, targeting $52 billion to $58 billion for the year. A notable portion of this investment is directed towards boosting natural gas production by over 60% by 2030 and supporting the development of Humain.
Nasser also projected continued growth in oil and gas demand, particularly in developing markets across Asia. He estimates that demand will increase by 1.1 million to 1.3 million barrels per day this year, with similar growth expected in 2026. He underscored the potential for expansion in emerging economies, reinforcing Aramco's commitment to meeting future energy needs while transitioning towards a more diversified economic landscape.