Aramco expects oil demand to continue to rise in long term

Saudi Aramco expects oil demand will continue to grow in the long term, driven by population and economic growth, Reuters reported.

Fuels and petrochemical materials will support the growth of demand, Aramco said, adding that the speculation about an imminent peak in oil demand is simply not consistent with the realities of oil consumption.

The company said that its priority is to maintain its low carbon intensity and low production cost while delivering the energy supplies the world needs.

Aramco is looking at ways to reduce emissions through technology such as increasing the efficiency of engines, better fuel formulations, carbon capture and sequestration, and turning CO2 and hydrocarbons into useful products.