Addressing the 21st World Energy Congress in Montreal, Al-Falih said that Aramco’s capability went even beyond, as it was expecting to increase its current reserves of 260 billion barrels by an additional 40 per cent and was endeavouring to raise the rate of recovery from its major existing fields to 70 per cent — twice the world average.
However, warning the global energy leaders of the discriminating against select energy resources, Al-Falih questioned the very logic of almost four-and-a-half per cent per year on average growth in the global coal consumption in this decade as against just one-and-a-half per cent growth in oil consumption during the same period.