Unique-Aramco chief expects extra oil demand of 1.3 million bpd this yr

By Marwa Rashad

DAVOS, Switzerland (Reuters) -Saudi oil big Aramco (TADAWUL:2222)’s Chief Government Amin Nasser stated on Tuesday he sees the oil market as wholesome and expects a further 1.3 million barrels per day of demand this yr.

Chatting with Reuters on the sidelines of the World Financial Discussion board in Davos, Nasser was responding to a query on the affect of U.S. President Donald Trump’s power choices, which might enhance U.S. hydrocarbon output.

Oil demand this yr will strategy 106 million barrels per day after averaging about 104.6 million barrels per day in 2024, he stated.

“We nonetheless assume the market is wholesome … final yr we averaged round 104.6 million barrels (per day), this yr, we’re anticipating a further demand of about 1.3 million barrels … so there may be progress available in the market,” he stated.

Requested about U.S. sanctions on Russian crude tankers, he stated the state of affairs was nonetheless at an early stage.

“If you happen to take a look at the impacted barrels, you are speaking about greater than 2 million barrels,” he stated. “We are going to wait and see how would that translate into tightness available in the market, it’s nonetheless within the early stage.”

Requested if China and India have sought extra oil volumes from Saudi Arabia on the again of the sanctions, Nasser stated Aramco is certain by the degrees the dominion’s power ministry permits it to pump. Saudi Arabia has been pumping at about three quarters of its output capability, as a part of agreements with OPEC+ to assist the market.

“The dominion and the Ministry of Power is at all times balancing the market. They take that under consideration once they give us the goal of how a lot we must always put available in the market,” he stated.

Aramco is working with MidOcean, an LNG agency wherein it took a 51% stake, and ” increasing our place globally in LNG,” with out giving particulars, Nasser stated.