Saudi Aramco CEO: Oil Market is Currently Balanced

Saudi Aramco CEO Amin Nasser (Asharq Al-Awsat)
Saudi Aramco CEO Amin Nasser (Asharq Al-Awsat)
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Saudi Aramco CEO: Oil Market is Currently Balanced

Saudi Aramco CEO Amin Nasser (Asharq Al-Awsat)
Saudi Aramco CEO Amin Nasser (Asharq Al-Awsat)

Saudi Aramco CEO Amin Nasser stated that the oil market is currently balanced, even as global demand is influenced by rising interest rates and slower economic growth in China.

China, the world’s largest oil consumer, is experiencing challenges due to significant shifts in its real estate sector, a key factor in its economic growth.

Speaking during a panel titled “The Future of Energy: What Will Accelerate the Energy Transition?” at the Future Investment Initiative conference, Nasser mentioned that he anticipates global oil demand will reach approximately 106 million barrels per day in the fourth quarter of this year, with an average of 104.5 million barrels for the year.

Earlier this month, OPEC adjusted its forecast for global oil demand growth to 1.93 million barrels per day, down from 2.03 million barrels, marking the third consecutive revision. China accounted for most of this adjustment in the 2024 outlook, with OPEC attributing the revision to actual data and slightly lower demand expectations in certain areas.

Nasser highlighted a positive perspective on the situation, stating: “When people talk about China, they often amplify the negatives while overlooking the positives.”

Discussing the shift to renewable energy, Nasser emphasized the importance of reducing carbon emissions from existing energy sources as a priority, adding that the energy transition must be “affordable, safe, and sustainable.”

He confirmed that Saudi Arabia is “continuing efforts to reduce carbon emissions across all our operations... All our equipment is managed using AI and advanced data analytics.”

Pointing to the Saudi Green Initiative, he underscored the Kingdom’s commitment to the energy transition, while also ensuring continued efforts to expand oil and petrochemical activities.

Nasser further discussed energy needs in the Global South, saying: “The energy transition depends on economic investment levels... We need to start exporting to industrialized nations and enable the Global South to achieve this transition.” He noted that the Global South currently uses just one-tenth of the energy consumed by the Global North.



Indonesia, Singapore Sign Deals on Power Trade, Carbon Capture 

Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
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Indonesia, Singapore Sign Deals on Power Trade, Carbon Capture 

Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 

Indonesia and Singapore signed initial deals on Friday to develop cross-border trade in low carbon electricity and collaborate on carbon capture and storage, ministers from both countries said in Jakarta.

The electricity deal reaffirmed an earlier agreement to export solar power from Indonesia to Singapore, with a group of companies planning to build plants and grid infrastructure to generate and transmit the power.

The memorandum of understanding signed by the two countries says they will aim to draw up policies, regulatory frameworks and business arrangements that will enable Indonesian power to be delivered to Singapore.

Indonesia expects to export 3.4 gigawatts of low-carbon power by 2035, according to a presentation slide shown by Indonesia's energy minister Bahlil Lahadalia.

In another MoU, the two countries said they would look into drawing up a legally binding agreement for carbon capture and storage that would allow cross-border projects to go ahead.

If successful, it will be the first such project in Asia, said Singapore government minister Tan See Leng.

Energy firms BP, ExxonMobil, and Indonesia's state company Pertamina are already developing CCS projects in Indonesia.

With its depleted oil and gas reservoirs and saline aquifers capable of storing hundreds of gigatons of CO2, Indonesia has allowed CCS operators to set aside 30% of their storage capacity for carbon captured in other countries.

The two countries also signed a deal for the development of sustainable industrial zones on several Indonesian islands near Singapore, including Batam, Bintan and Karimun.

Bahlil said the deals could bring in more than $10 billion of investment from the manufacturing of solar panels, the development of CCS projects and potential investment in industrial estates.