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Wires reporting comments from Saudi Aramco stating that they are 'confident that the worst is now behind us' with regards to depressed demand for oil and sustained low prices.
- The firm also states that it expects oil demand to be back to pre-COVID levels later in 2021.
- Comments come days after Saudi Crown Prince Mohammed bin Salman stated that more shares in Saudi Aramco would be issued, stating that "There are going to be more share sales by Aramco in the following years....This cash will be transferred to the Public Investment Fund and be re-injected inside and outside the kingdom of Saudi Arabia for the benefit of the fund." MBS identified a target of boosting the Saudi sovereign wealth fund to a total of USD1.1trn by 2025.