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Saudi Aramco CEO Amin Nasser. File photo: AHMED YOSRI/ REUTERS
I Saudi Aramco CEO Amin Nasser. File photo: AHMED YOSRI/ REUTERS

Davos — Saudi oil giant Aramco’s CEO Amin Nasser said on Tuesday that he regarded the oil market as healthy and expected an additional 1.3-million barrels per day of demand this year.

Speaking to Reuters on the sidelines of the World Economic Forum in Davos, Nasser was responding to a question on the impact of US President Donald Trump’s energy decisions, which could increase US hydrocarbon output.

Oil demand this year will approach 106-million barrels per day after averaging about 104.6-million barrels per day in 2024, he said.

“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 said.

Asked about US sanctions on Russian crude tankers, he said the situation was at an early stage.

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

Asked if China and India had sought additional oil volumes from Saudi Arabia on the back of the sanctions, Nasser said Aramco was bound by the levels the country’s energy ministry allowed it to pump. Saudi Arabia has been pumping at about three quarters of its output capacity, as part of agreements with oil cartel Opec+, to support the market.

“The kingdom and the ministry of energy are 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 said.

Aramco is working with MidOcean, an LNG firm in which it took a 51% stake, and “looking at expanding our position globally in LNG,” without giving details, Nasser said.

Reuters

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