Saudi Arabia remains confident that it will pump world's very last barrel of oil

OPEC's largest producer continues to expect global oil demand to keep rising at least by 2040 and sees itself as the oil producer best equipped to continue meeting that demand, thanks to its very low production costs.

Saudi Arabia will be the one to pump the last barrel of oil in the world, but it doesn't see the "last barrel of oil" being pumped for decades and decades to come. "I don't see peak (oil) demand happening in 10 years or even by 2040," Amin Nasser, president and chief executive officer of Saudi oil giant Saudi Aramco told CNN Business's emerging markets editor John Defterios on the sidelines of the World Economic Forum in Davos last week.

"There will continue to be growth in oil demand... We are the lowest cost producer and the last barrel will come from the region," Mr Nasser told CNN. For several years, Mr Nasser has been saying that peak oil demand is nowhere in sight, that petrochemicals will drive oil demand growth through 2050, and that all the "peak oil demand" and "stranded resources" talk is threatening an orderly energy transition and energy security.