Saudi Aramco President sees oil demand above 100 million bpd in 2022: report

Saudi Aramco’s President and CEO Amin Nasser said the global demand for crude is expected to rise above 100 million barrels per day (bpd) in 2022, Bloomberg reported.

Spare capacity in the oil market will shrink significantly next year as travel rebounds, especially with the lack of investment among producers, Nasser said.

Surplus supplies are the equivalent of 3 million to 4 million bpd but will fall as demand for jet fuel increases, he added.

Diminishing spare capacity is made worse because very few oil companies are trying to raise their output capacity, Nasser said.