Amin Nasser, the CEO of Saudi Aramco, confirmed today, Tuesday, in statements to Reuters on the sidelines of the World Economic Forum in Davos, that the global oil market is heading in a positive direction, expecting an increase in oil demand by 1.3 million barrels per day in 2025. Nasser added that oil demand will approach 106 million barrels per day, compared to an average of 104.6 million barrels per day in 2024.
Oil Market Growth Projections for 2025 Nasser stated: "We believe that the oil market remains strong, and we expect that oil demand will increase this year by about 1.3 million barrels per day." This comes after the market recorded high production levels last year, which averaged 104.6 million barrels per day, reflecting the stability of the market and the growth in global demand.
Impact of American Energy Policies on the Oil Market In response to American energy policies under former President Donald Trump, Nasser pointed out that the increase in U.S. hydrocarbon production could impact the oil market. He said: "If we look at the impact of sanctions on Russian oil, we are talking about more than two million barrels, but we are still in the early stages of assessing the situation." These statements indicate shifts in the global oil supply that could affect prices and production levels in the near future.
Saudi Oil Demand in China and India When asked if China and India had requested to buy additional quantities of Saudi oil amid American sanctions on Russian oil, Nasser said: "Aramco is committed to what the Saudi Ministry of Energy specifies regarding quantities to be pumped into the market, as the company always works with the ministry to ensure market balance."
Aramco Prepares to Expand in LNG In another context, Nasser confirmed that Saudi Aramco is working on expanding its liquefied natural gas (LNG) sector, as the company is focusing on a strategic partnership with Med Ocean, which acquired a 51% stake in this company. Nasser added: "Aramco aims to expand in LNG globally in line with the increasing global energy demand." This move comes at a crucial time as the global market sees a growing interest in clean energy and natural gas.
