Global Oil Market Outlook: Aramco CEO Sees Steady Growth Amid Shifting Dynamics

Saudi Aramco’s chief executive, Amin Nasser, recently shared his perspective on the state of the oil market, expressing confidence in its overall health. He projected a rise in global oil demand by an additional 1.3 million barrels per day (bpd) this year, bringing the total to nearly 106 million bpd, compared to last year’s average of approximately 104.6 million bpd.

In response to inquiries regarding the potential impact of U.S. energy policies under President Donald Trump, which may lead to an increase in hydrocarbon production, Nasser acknowledged the developments but maintained a positive outlook for market growth.

Regarding the recent U.S. sanctions on Russian crude tankers, Nasser indicated that the situation remains in its early stages. He noted that the affected volumes exceed 2 million barrels and suggested that it would take time to assess whether this would create any significant market tightness.

When asked if China and India had requested additional oil supplies from Saudi Arabia in light of the sanctions, Nasser stated that Aramco operates within the production limits set by the kingdom’s energy ministry. He emphasized that Saudi Arabia has been producing at roughly three-quarters of its total capacity, aligning with OPEC+ agreements aimed at stabilizing the market.

Nasser highlighted the ministry’s role in ensuring market balance, explaining that production targets are set based on a comprehensive evaluation of market conditions.

On the subject of liquefied natural gas (LNG), Nasser mentioned that Aramco, through its majority stake in MidOcean, is actively exploring opportunities to expand its global footprint in the sector, though he refrained from disclosing specific details.

Have you read?
Best CEOs.
Best Companies.
Richest People (Billionaire).
Richest Women (Billionaire).
Richest in Each Country (Billionaire).