Aramco seeks more investment opportunities in China, sees healthy oil market in 2024: CEO

Amin Nasser, CEO of Saudi Aramco

Amin Nasser, CEO of state oil giant Saudi Aramco, said that the company is exploring more investment opportunities in China, where demand for oil is strong and growing.

On an earnings call, Nasser added that the global oil market is expected to remain healthy for the rest of the year and increase by roughly 1.5 million barrels, according to Reuters.

The CEO also predicted that global oil demand will reach 104 million barrels per day in 2024, up from an average of 102.4 million barrels in 2023.

Aramco, he added, is targeting a 60% boost in gas production by 2023, compared to 2021 levels.

Aramco may enter a partnership with MidOcean Energy, to invest in LNG projects in other geographical areas beside Australia, which depends on opportunities, said Nasser.

He added that the company is interested in investing in LNG opportunities in the US, as it has begun talks with several companies there.

Saudi Aramco posted a 24% drop in its 2023 net profit, after minority interest, to SAR 452.5 billion, compared to SAR 597.2 billion a year earlier. Q4 profit stood at SAR 102.7 billion, data available to Argaam showed.