Aramco's chief executive expects an additional oil demand of 1,3 million bpd in this year

Amin Nasser, the chief executive of Saudi oil giant Aramco, said that he believes the oil market is healthy and anticipates a demand increase of 1.3 million barrels a day this year.

Nasser, speaking on the sidelines at the World Economic Forum, Davos, was answering a question about the impact of U.S. president Donald Trump's decisions on energy, which could lead to an increase in U.S. oil production.

He said that oil demand will reach 106 million barrels a day this year, after having averaged 104.6 million barrels a day in 2024.

He said: "We still believe the market is healthy. Last year we averaged 104.6 million barrels per day. This year, we expect an additional demand of 1.3 million barrels. So there is growth on the market."

When asked about U.S. sanction on Russian crude oil tankers, he replied that the situation is still in its early stages.

He said: "If you look at how many barrels were affected, we're talking more than two million barrels." We will watch to see if this translates into a tightening of the market. It is still early in the process.

Nasser responded that Aramco's output is limited by the level of oil the Saudi Arabian energy ministry permits it to pump. Saudi Arabia is pumping about three-quarters of its capacity as part of an agreement with OPEC+ in order to support the oil market.

"The Kingdom and the Ministry of Energy are always working to balance the market." "They take this into consideration when they tell us how much to put on the market," said he.

Aramco has a partnership with MidOcean LNG, in which the company holds a 51% stake. Nasser stated that Aramco was "looking to expand our position in LNG globally" without providing any details. Marwa Rashed in Davos; Maha El Dahan, Yousef Sabah, and David Evans in Dubai.

(source: Reuters)