Oil market is currently balanced, says Aramco CEO

Amin Nasser, President and CEO of Saudi Aramco

The oil market is currently balanced in terms of supply and demand despite being impacted by rising interest rates and the economic situation in China, said Saudi Aramco’s President and CEO Amin Nasser.

The energy transition depends on the level of economic maturity, he said at the Future Investment Initiative conference in Riyadh.

Exports to industrialized countries should begin while enabling Global South to achieve this transition, Nasser added.

He also highlighted the need for an energy transition that is affordable, safe and sustainable, indicating that the Global South now uses one-tenth of the energy compared to the Global North.

The CEO stressed that there is a need for an energy transition first by reducing emissions from current sources, as work continues to reduce emissions in all operations.

He stated that the cost of energy used in building data centers in Saudi Arabia is the cheapest worldwide, as the price stands at 4.8 cents kilowatt/hour using gas and drops to two cents using renewable energy.