Exclusive-Aramco chief expects additional oil | Commodities

By Marwa Rashad

DAVOS, Switzerland (Reuters) -Saudi oil giant Aramco (TADAWUL:)’s Chief Government Amin Nasser stated on Tuesday he sees the oil market as healthy and expects an further 1.3 million barrels per day of demand this 12 months.

Talking to Reuters on the sidelines of the World Financial Discussion board in Davos, Nasser was responding to a query on the impression of U.S. President Donald Trump’s vitality choices, which might increase U.S. hydrocarbon output.

Oil demand this 12 months will strategy 106 million barrels per day after averaging about 104.6 million barrels per day in 2024, he stated.

“We still think the market is healthy … last year we averaged around 104.6 million barrels (per day), this year, we’re expecting an additional demand of about 1.3 million barrels … so there is growth in the market,” he stated.

Requested about U.S. sanctions on Russian crude tankers, he stated the state of affairs was nonetheless at an early stage.

“If you look at the impacted barrels, you’re talking about more than 2 million barrels,” he stated. “We will wait and see how would that translate into tightness in the market, it is still in the early stage.”

Requested if China and India have sought further oil volumes from Saudi Arabia on the back of the sanctions, Nasser stated Aramco is certain by the degrees the dominion’s vitality ministry permits it to pump. Saudi Arabia has been pumping at about three quarters of its output capability, as half of agreements with OPEC+ to assist the market.

“The kingdom and the Ministry of Energy is always looking at balancing the market. They take that into account when they give us the target of how much we should put in the market,” he stated.

Aramco is working with MidOcean, an LNG firm by which it took a 51% stake, and “looking at expanding our position globally in LNG,” with out giving particulars, Nasser stated.