Saudi Aramco CEO sees positive prospects on COVID-19 vaccine rollout, lower inventory surplus

Amin Nasser, President and CEO of Saudi Aramco

Saudi Aramco sees positive prospects due to the large-scale rollout of the COVID-19 vaccine, improved economic activity and outlook for better conditions next year, President and CEO Amin Nasser told Argaam in an exclusive.

Nasser expected a faster recovery in the economy and demand for oil in 2021, especially in the second half of the year, forecasting low differences between supply and demand, along with a decline in inventory surplus.

China and East Asia witnessed an overall strong recovery. Demand in India is also close to pre-COVID levels.

Though the situation is slightly different in the US and Europe, the rapid rollout of the vaccine fuels optimism, he pointed out.

Commenting on Saudi Aramco’s plan to sell a stake in its pipeline business, Nasser added the company always considers all strategic options to generate higher value for its shareholders.

Saudi Aramco will disclose the details of any strategic decision at the right time, he concluded.

The oil giant posted a 44% fall in net profit after Zakat and tax to SAR 183.76 billion for 2020, compared to SAR 330.69 billion a year earlier, Argaam reported.