Saudi Aramco on oil demand

Amin Nasser, CEO of Saudi Aramco, forecasts a notable increase in global oil demand by 1.6 to 2 million barrels per day (bpd) this year, with total consumption expected to reach over 106 million bpd by 2025. Despite a recent drop in Brent crude prices to around $75 a barrel amid recession fears and weak U.S. job reports, Nasser believes the market is overreacting and that underlying fundamentals remain strong. He attributes the price decline to short-term market reactions rather than actual demand shifts, noting that U.S. gasoline supply increased, and that demand from China is anticipated to rise. Aramco is aligned with OPEC's more optimistic demand projections, contrasting with the more conservative estimates from the International Energy Agency (IEA). Nasser also mentioned ongoing investments in oil production and the expansion of natural gas and refining capabilities, suggesting a commitment to meet future demand despite current market volatility.