19:31 GMT +313 December 2019
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    Oil markets were negatively affected by Saudi Arabia's decision to cut prices for January deliveries to US and Asian customers.

    Saudi Arabia to Produce Oil With ‘Near Zero’ Emissions - Aramco CEO

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    LONDON (Sputnik) - Saudi Arabia is working on a technology to produce oil with emissions close to zero, while its current CO2 output from crude production is already among the lowest, Saudi Aramco CEO Amin Nasser said Tuesday.

    "Technology has already helped Saudi Aramco to produce oil and gas with one of the lowest upstream carbon footprints in the industry and it is technology that will enable our manufacturers to reduce carbon emissions utilizing a combination of highly-efficient internal combustion engine and other clean fuels. It’s also technology that will capture the carbon and turn it into valuable products and in the process move oil near zero or break-even emissions," Nasser said at the presentation of Saudi Aramco at the International Petroleum Week conference in London.

    Saudi Aramco CEO stressed that the company's oil had "the lowest carbon intensity of any in the world."

    According to a Stanford University study published in August, Saudi crude production results in 5 grams of emissions per every megajoule of crude. Meanwhile, Venezuela and Canada are on the other side of the spectrum, with 20 and 18 grams on average, respectively.

    READ MORE: Venezuelan Crisis Has Zero Impact on Oil Market So Far — Saudi Energy Minister

    Nasser has also touched upon the global oil market issue. He added that an oil supply shortage would reach 20 million barrels daily in five years, which would affect on many aspects of life.

    In Saudi chief executive's opinion, the result will be "even more profound for economies, societies, and people if demand continues to grow over the next five years."

    READ MORE: Saudi-Pakistan Oil Refinery to Augment Connectivity in Silk Road — Entrepreneur

    In the last few years, the Organization of the Petroleum Exporting Countries and several non-cartel producers have been attempting to stabilize oil prices by curbing their oil output and decreasing supply.


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