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.



Report: US Energy Chief Wright Heads to Middle East for Nearly Two Weeks

US Secretary of Energy Chris Wright speaks to the media, outside of the West Wing of the White House, in Washington, DC, US, March 19, 2025. (Reuters)
US Secretary of Energy Chris Wright speaks to the media, outside of the West Wing of the White House, in Washington, DC, US, March 19, 2025. (Reuters)
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Report: US Energy Chief Wright Heads to Middle East for Nearly Two Weeks

US Secretary of Energy Chris Wright speaks to the media, outside of the West Wing of the White House, in Washington, DC, US, March 19, 2025. (Reuters)
US Secretary of Energy Chris Wright speaks to the media, outside of the West Wing of the White House, in Washington, DC, US, March 19, 2025. (Reuters)

US Energy Secretary Chris Wright on Wednesday will launch a nearly two-week tour of three Middle East countries, including Saudi Arabia, a source familiar with the matter told Reuters.

The trip, which will also include visits to Qatar and the United Arab Emirates, is expected to help lay the groundwork for President Donald Trump's own visit to those countries likely in mid-May.

It comes at a critical time, on the heels of Trump's surprise announcement on Monday that the US and Iran are having direct talks on Tehran's nuclear program and as global oil prices hit a near four-year low.

Oil prices have fallen on worries that Trump's latest tariffs could push economies around the world into recession at the same time OPEC+ oil producers speed up increases in production.