Saudi Arabia, Big Oil, Betting On Oil Even As IEA Calls for No Growth By 2030

The latest rash of high-scale oil and gas mergers and acquisitions is an indication that fossil fuels are here to stay, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Tuesday. “Exxon, Chevron didn’t buy because they want to have stranded assets,” the Energy Minister said at Riyadh’s FII annual investment conference. He was referring to Exxon’s announcement of its $60B acquisition of Pioneer Natural Resources and Chevron’s $53 billion acquisition of Hess—both announced within two…