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Aramco Sees Oil Demand Rising On China And Aviation Rebound

OIL

Oil demand will pick up strongly this year as China reopens its economy and the aviation market recovers, Saudi Aramco’s CEO, Amin Nasser, said

  • “We are very optimistic in terms of demand coming back to the market. We are starting to see good signs coming out of China. Hopefully, in the next couple of months, we’ll see more of a pickup in the economy there”, Nasser said.
  • Demand for jet fuel is now around 1mbpd below pre-pandemic levels, roughly half the figure from a year ago but it is picking up, he added.
  • The world needs 4-6mbpd of new production just to make up for the natural decline in existing fields, he said.
  • “We’re moving into the situation where we’re eroding spare capacity and any supply interruptions will have a huge impact,” he said.
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