Saudi Aramco expects 1.3 million bpd increase in oil demand this year

Amin Nasser, CEO of Saudi Aramco, announced at the World Economic Forum in Davos that global oil demand is expected to increase by 1.3 million barrels per day (bpd) this year, reaching nearly 106 million bpd, up from approximately 104.6 million bpd in 2024. He emphasized the health of the oil market and noted that the impact of U.S. sanctions on Russian oil remains unclear, as it is still at an early stage of evaluation. Nasser stated that Saudi Arabia is currently operating at about three-quarters of its production capacity, in line with OPEC+ agreements, and reiterated that the Kingdom is focused on balancing the market. He also mentioned ongoing collaboration with MidOcean to expand Aramco's position in the LNG sector. The projections align with OPEC's demand forecasts, which similarly indicate robust growth in the coming years. Overall, Nasser's outlook reflects a cautious optimism about the future of global oil demand amidst geopolitical uncertainties.