- Saudi Aramco’s CEO: Our expectation is that oil demand will pick up
Market news
Saudi Aramco’s CEO: Our expectation is that oil demand will pick up
Amin H. Nasser, CEO of Saudi Aramco, in his latest comments on Tuesday, touches upon the European energy crisis and global oil demand outlook.
Key quotes
The issue for Europe is gas and LNG given lack of spare capacity.
The oil market is focusing on short-term rather than long-term economics.
The oil market is not focusing on tight supply fundamentals.
Oil spare capacity is extremely low, around 1.5% of total supply.
13 mln bpd Saudi production will come in 2027.
It takes 30 days to reach saudi maximum capacity of 12 mln bpd.
Our expectation is that oil demand will pick up.
Having spare oil capacity is not just responsibility of Saudi Arabia.
Market reaction
WTI was last seen trading near daily highs of $83.85, cheering the upbeat remarks from Aramco Chief. The US oil is up 1.10% on the day.
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