Oil industry acquisitions show hydrocarbons are here to stay, Saudi minister says

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman on Tuesday said recent acquisitions by major oil firms showed that hydrocarbons were here to stay. This month, US oil major Exxon Mobil said it was buying Pioneer Natural Resources in a deal valued at $59.5 billion. Amin Nasser, chief executive of Saudi Aramco, at the World Economic Forum in Davos. Oil demand could grow further in case of economic growth recovery in China, the world’s largest crude importer, he said. “You need to make sure that you have adequate, reliable, available [and] affordable sources of energy,” Mr Nasser said.