Oil Market To Remain Tightly Balanced In Short And Medium Term: Aramco CEO

The oil market will remain tightly balanced in the short and medium term, Amin Nasser, President and CEO of Saudi Aramco said.

• "If you considered China opening up and a pick up in jet fuels and very limited spare capacity, we are talking 2 million barrels, so as I said we are cautiously optimistic in the short to midterm and the market will remain tightly balanced," Nasser said.
• He still did not see enough investment to sustain demand in the long term going into the sector, saying that supply wouldn't be adequate in the mid- to long term if that trend continued.
• "We need to make sure that there is additional supply in the market otherwise this tightness of supply in the mid- to long term will have an impact," he said.
• Aramco's crude supplies to its main Asian customers, including China and India, were not impacted by the uptick of Russian sales into Asia amid Western sanctions, he added.