Saudi Arabia’s state oil giant Aramco doesn’t fear peak oil demand as it doubles down on boosting oil production in the long term to beat its competitors, many of which are pledging significant investments in low-carbon energy. Aramco is set on increasing its production capacity, and by extension, the production capacity of the world’s top oil exporter, Saudi Arabia, to squeeze out as much oil as possible, analysts and sources in the industry told Reuters this week. In a statement to Reuters, Aramco commented: “We expect oil demand growth to continue in the long term, driven by rising populations and economic growth. Fuels and petrochemicals will support demand growth … speculation about an imminent peak in oil demand is simply not consistent with the realities of oil consumption.” Analysts and oil majors have recently said that the coronavirus pandemic and the possible lasting shift of consumer behavior may have […]