Saudi Arabia’s energy minister Prince Abdulaziz bin Salman thinks that the return of the oil mega-deal is “testament” that “hydrocarbons are here to stay”.
His view, echoed by many in the oil sector, is why would Chevron and ExxonMobil drop $120bn-plus combined on buying Hess and Pioneer if they thought oil demand was at risk of heading into decline?
“I don’t think anybody would buy an asset they will have to freeze and not make use of it,” Prince Abdulaziz told a conference in Saudi Arabia on Tuesday.
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