Oil demand begins to rebound, optimistic about H2 2020: Nasser

Saudi Aramco President and CEO, Amin Nasser, is optimistic about the oil market in the second half of the 2020, as demand is beginning to rebound.

The countries are much better prepared now in case a second wave of coronavirus occurs, Nasser said during the CERAWeek Conversations event held online.

"The worst is behind us”, he stressed, pointing that prices rose to more than $40 and oil demand had already rebounded to around 90 million barrels from 75 to 80 million barrels per day in April. Nasser clarified that Aramco’s business was impacted by COVID-19 since last February; however, it did not affect the way the oil giant works. At the onset of the COVID-19 crisis, Aramco’s supply chains were negatively affected as many European and Chinese suppliers and manufacturers had to close due to quarantine measures.

The impact did not last long due to the company’s inventories and its dependence on local manufacturers in supplying its needs, Nasser said.

Saudi Aramco currently sources 56% of its requirements from local manufacturers.