Saudi Aramco Projects Continued Oil Demand in China

Saudi Aramco's CEO, Amin Nasser, expressed optimism about China's oil demand during the Singapore International Energy Week, crediting recent government stimulus measures. He highlighted that growth in chemical needs, particularly for electric vehicles and solar panels, will drive demand for jet fuel and naphtha, with expectations that global oil consumption will remain above 100 million barrels per day through 2050. Nasser dismissed predictions of a sharp decline in oil demand, asserting that energy alternatives are primarily meeting rising consumption rather than displacing it. Despite a slowdown in China's oil imports, which fell nearly 3% this year, Aramco aims to increase its liquids-to-chemicals capacity to support this growing demand. The CEO noted that developing nations will continue to rely on conventional energy sources as they expand economically. This perspective contrasts with forecasts from the International Energy Agency, which predicts a plateau in fossil fuel demand in the coming years.