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Saudi Sees Scope for Oil Demand Growth

OIL

Saudi Aramco’s CEO Amin Nasser said Oct. 24 that oil demand is currently strong and saw significant demand growth for oil.

  • One supportive factor is a rise in Chinese demand, which Nasser expects to pick up.
  • Moreover, recent acquisitions in the oil market by ExxonMobil and Chevron came at the right time and show oil is here to stay, Saudi Energy Minister Prince Abdulaziz bin Salman said Oct. 24.
  • The Saudi Energy Minister also said that the Kingdom’s current oil market strategy was working, and that a less volatile oil market would help the world grow.
  • Saudi Arabia has voluntarily cut production by 1m b/d until the end of 2023, offering the rationale that it will help stabilise the market.
  • It was also reported that Saudi will not boost oil capacity to its target of 13m b/d without sufficient demand.
Energy BulletsCommodities
Energy BulletsCommodities

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