ALBAWABA - Amin H. Nasser, President & CEO of Aramco, stated that the oil market currently remains strong, with oil demand expected to increase by approximately 1.3 million barrels per day in 2025.
Increased oil demand globally in 2025
Amin H. Nasser, President and CEO of Aramco, expects a potential demand boost of about 1.3 million barrels per day in 2025.
He also confirmed the current sustainability of the oil market at the World Economic Forum in Davos, the international advocacy non-governmental organization and think tank.
"We still think the market is healthy ... last year we averaged around 104.6 million barrels (per day), this year, we're expecting an additional demand of about 1.3 million barrels ... so there is growth in the market. If you look at the impacted barrels, you're talking about more than 2 million barrels. We will wait and see how would that translate into tightness in the market, it is still in the early stage,” Nasser stated.
Amin H. Nasser, President & CEO of Aramco. (AFP)
Additionally, according to Nasser's statement, the world is closely watching how sanctions on Russia will affect market supplies.
Nasser was asked about the Russian sanctions, US energy decisions under Trump, and oil imports from Saudi Arabia to China and India. He explained that the kingdom currently produces about three-quarters of its output capacity, in line with its agreement with OPEC+.
"The kingdom and the Ministry of Energy is always looking at balancing the market. They take that into account when they give us the target of how much we should put in the market," Nasser added.
