Demand for Saudi oil increasing, says Aramco chief

Saudi Aramco is seeing rising demand for its oil, and the company is meeting that demand, the state-owned oil giant’s chief executive Amin Nasser was quoted as saying by Reuters.

“We are seeing demand growth in different places. We are seeing increases in India, in the U.S., and we are meeting that call on us," Nasser said on Tuesday, adding that total oil demand was expected to grow to 1.2 million barrels per day (bpd) this year.

Saudi Arabia’s domestic demand for energy during the summer months is likely to cause a slight increase in burning of liquids for power generation.

Aramco will continue to increase oil production and refining capacity going forward, and its Shaybah oilfield is expected to reach an output capacity of one million bpd “in a couple of weeks,” he explained.

Nasser also told reporters that Aramco is currently eyeing global expansions, as it considers plans for joint ventures in several countries. Markets of interest include Indonesia, India, the U.S., Vietnam and China.

“We are looking at the current market status that, even though challenging, is an excellent opportunity for growth,” he added.