'Time is not on our side': Big Oil is bracing for future after petrol
Saudi Arabia is bowing to the inevitable. Aramco, the state-owned oil giant, is launching radical plans to switch its oil output from cars to petrochemical use over the next decade, implicitly accepting that the curtain is coming down on the era of petrol and diesel.
Amin Nasser, head of the giant state producer, said the global oil industry "faces a crisis of perception" and is failing to convince the opinion elites - or rising millennials - it has any place in a world imperilled by climate change."Time is not on our side," he told the annual IP Week gathering of oil and gas chiefs in London. "Our stakeholders are clearly tuning out.
There is a worrying and growing belief among policymakers and regulators, investment houses, and NGOs, that we are an industry with little or no future."
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