Aramco CEO says investments in oil sector insufficient to meet global demand

Amin Nasser, CEO of Saudi Aramco

Amin Nasser, CEO of Saudi Aramco, said that there is a shortage of investment in the sector, noting that the current investments of $350 billion is not enough to fulfil global demand in the short to medium term, Reuters reported.

Speaking at the International Petroleum Technology Conference 2022 in Riyadh, Nasser said he sees a lot of pressure from investors, shareholders, regulators and policy makers on the sector in terms of investment and capital allocation.

The CEO added that Aramco is doing its duty to ensure the right investment, but that alone is not enough. Regulators, policy makers, banks and shareholders should provide more support for investments in the sector, otherwise major issues may arise, he said.

He also pointed out that affordable and reliable energy supplies should be ensured to the rest of the world, adding that energy prices are high for several reasons, mainly the strategies and policies that hamper investment in many energy sources.

There are strong indicators of more demand for the company's supplies, said the CEO, expecting demand to pick up in the rest of the world.

"We are close to reaching the pre-pandemic level in terms of supplies,” Nasser said, expecting more demand for products in different regions, especially Asia.