Amin H. Nasser, CEO of Saudi Aramco, said on Sunday that he expects “oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts.”
Additional comments
Will reduce debt and invest in a vast expansion of its production capacity.
Global oil demand is robust, particularly from Asia.
If needed, Saudi Aramco can pump oil at full capacity.
Aramco can produce 12 million barrels per day whenever the saudi government requests it.
Saudi Aramco’s oil production capacity will be 12.3 million barrels per day in 2025.
Working towards increasing crude oil maximum sustainable capacity from 12 mn bbls/day to 13 mn (by 2027).
Market reaction
WTI was last seen trading modestly flat just above the $91 mark, holding the lower ground in early dealings.
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