Falih challenged leaders to responsibly communicate that “it will take decades, not years” for an energy shift to occur. He advised that everyone should work responsibly toward a smooth, gradual transition. The company is doing its part in this transition. “We have reached a production capacity of 12 million bpd … We produce more than 8 million, with a spare capacity of more than 4 million bpd,” said Al-Falih. “This is good for the world economy and for the Kingdom in the long-term. … It is important to the Kingdom that there will be stability in the oil industry.” In reply to a question about oil supplies, Al-Falih noted that “upstream, one-third capacity is idle, yet ready to come on-stream on a very short notice.” Saudi Aramco continues to invest heavily in all parts of the value chain, including refining, tankers, pipelines and terminals. He added that when demand/supply balances require additional capacity, “we will certainly consider it.” Al-Falih concluded by promising, “The largest supplier of petroleum energy is committed in the long-term not only to provide … hydrocarbons but to provide them to the market in a reliable and environmentally responsible way.” The World Economic Forum annually draws world leaders to examine global development.
