Aramco CEO Predicts Consistent Growth in Global Oil Market Despite Changes in Dynamics
Saudi Aramco’s CEO, Amin Nasser, recently shared his insights on the current state of the oil market, expressing optimism about its overall condition. He predicts a global oil demand increase of 1.3 million barrels per day this year, reaching almost 106 million barrels per day, compared to the previous year’s average of around 104.6 million barrels per day.
When questioned about the potential impact of U.S. energy policies under President Donald Trump, which could lead to a boost in hydrocarbon production, Nasser acknowledged these developments but remains positive about market expansion.
In response to the recent U.S. sanctions on Russian crude tankers, Nasser stated that the situation is still in its early phases. The affected volumes surpass 2 million barrels, and it will take time to evaluate if this will cause any significant market constriction.
When asked about China and India requesting more oil supplies from Saudi Arabia due to the sanctions, Nasser highlighted that Aramco follows the production limits set by the kingdom’s energy ministry. He emphasized that Saudi Arabia has been operating at roughly 75% capacity in alignment with OPEC+ agreements to stabilize the market.
Nasser underlined the ministry’s responsibility in ensuring market equilibrium by setting production targets based on a comprehensive assessment of market conditions.
Regarding liquefied natural gas (LNG), Nasser hinted at Aramco’s exploration of expanding its role in the sector through its majority stake in MidOcean. However, he refrained from divulging specific details.
Overall, Nasser’s insights shed light on the positive outlook for the global oil market amidst various challenges and shifting dynamics. As Aramco continues to navigate these complexities, maintaining steady growth remains a key focus for the leading oil company.
