Yasser Mufti, vice-president of corporate planning at Saudi Aramco, has said the company is “very confident that there still is at least two decades of growth in oil in the entire transport sector”.
Investors have become increasingly focused on the threat posed to oil demand by new technologies, including electric vehicles and ride-sharing apps such as Uber, something that has affected analyst valuations of Aramco ahead of its planned stock market listing in 2018.
Speaking to the Financial Times in an interview, Mufti said his company had identified ride-sharing as a bigger concern than electric vehicles or autonomous cars.
“I would argue that ride-sharing is a far more advanced trend than the other two,” he said.
Uber and other similar companies have already seized a significant market share from traditional taxi operators in the world’s biggest cities.
Some analysts believe ride-sharing poses a long-term threat to carmakers and oil companies by reducing private car ownership and making road transport more efficient.
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