Aramco chief says stop worrying about peak oil

CEO of Saudi Aramco, Khalid al-Falih.

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The CEO of the hydrocarbons giant Saudi Aramco has stated that the fears over peak oil are being overstated and that there is still plenty left in the ground.

Reuters reported that Khalid al-Falih told the World Economic Forum in Davos that fears over oil running out soon are being overplayed.

"The concern about peak oil is behind us," Al-Falih is quoted by Reuters as saying.

"Of the 4 trillion (barrels) of oil the planet is endowed with, only 1 has been produced."

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"Granted most of what remains is more difficult and complex (to exploit) ... there's no doubt we can do a lot more than the 95, 100 (million barrels) that are projected in the next few decades," he added.

Fears over peak oil are believed to have contributed to the massive spike in oil prices during 2008 when oil hit US$147 a barrel.