Saudi Aramco said concerns of oil supplies peaking were overdone and the world still had nearly a century's worth of oil reserves.

'I do not believe the world has to worry about peak oil for a very long time,' the text of Aramco's president and chief executive Abdallah Jumah's speech to the World Energy Congress in Rome said.

'We still have almost a century's worth of oil,' he said, adding that the world had over three trillion barrels of recoverable conventional and non-conventional liquid fuel resources assuming an 'extra-conservative' scenario. Reuters