Global oil market fundamentals sound for rest of 2023: Aramco CEO

Aramco President & CEO Amin Nasser

Global oil market fundamentals are expected to remain sound for the rest of the year, underpinned by healthy demand in developing countries, especially in China and India, Saudi Aramco CEO and President Amin Nasser said.

On Aramco’s strategy in Asia, Nasser said: “We are doubling down on Asia’s growing demand for energy; chemicals; advanced materials; lubricants; and new lower carbon energy, supported by game-changing technologies — doubling down on these needs by being Asia’s ‘one-stop source’ that also aims to balance energy security and affordability with environmental sustainability.”

Despite the recession risks in several OECD countries, the economies of developing countries, especially China and India – are driving healthy oil demand growth of more than two million barrels per day this year, he added at Energy Asia 2023.

Although China is facing some economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth, Nasser added.

Growth in renewable has not met the rise in energy consumption, Nasser said, adding that to complete energy transition for the gl