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.



Al-Khateeb: Saudi Arabia Plays Pivotal Role in Development of Responsible, Sustainable Global Tourism

Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)
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Al-Khateeb: Saudi Arabia Plays Pivotal Role in Development of Responsible, Sustainable Global Tourism

Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)
Saudi Minister of Tourism Ahmed Al-Khateeb (Asharq Al-Awsat)

Saudi Minister of Tourism Ahmed Al-Khateeb emphasized that Saudi Arabia plays a central role in leading the development of responsible and sustainable global tourism.

“During our presidency of the G20 in 2020, we emphasized the establishment of the G20 Tourism Working Group, which has since created a comprehensive framework to drive flourishing, inclusive tourism that prioritizes the environment and encourages cooperation among nations and with the private sector,” he said.

In an interview with Asharq Al-Awsat, Al-Khateeb discussed the recent G20 tourism meeting in Brazil, noting a report from the World Travel and Tourism Council (WTTC), sponsored by Saudi Arabia, which highlighted the ongoing impact of COVID-19, particularly on women and young workers.

“The study, covering 185 countries, showcased creative initiatives, including those in Saudi Arabia, that address these issues and provide inspiration for G20 members and beyond,” the minister remarked.

Saudi Arabia has achieved top global rankings, marking the highest growth in international tourist numbers and tourism revenue among G20 countries in 2024 compared to 2019, outperforming other countries based on available data.

The minister affirmed that tourism is a key driver in the transformation underway in Saudi Arabia as part of Vision 2030, which has opened the Kingdom to the world.

“With our private sector partners, we will have invested $800 billion in this sector by the end of the decade, creating some of the world’s most advanced, innovative cities, resorts, and cultural sites. These developments embrace sustainability, aiding Saudi Arabia in its goal of achieving net-zero emissions by 2060,” he added.

He highlighted significant investments in infrastructure, including new and renovated airports, along with hosting major global sports and entertainment events.

“Our focus on tourism is driving notable economic, social, and cultural change. By the end of 2023, the tourism sector employed 925,500 people, a 62% increase compared to the end of 2019. Our investments in tourism destinations across the Kingdom are creating opportunities for both large and small communities,” he said.

Al-Khateeb stressed that tourism is a vital sector for the evolving Saudi economy, with preliminary estimates of its direct contribution to the Kingdom’s GDP at 4.4% in 2023, up from 3.6% in 2019. “Our goal is to reach 10% by 2030,” he said. “In 2023, we met our initial target of welcoming 100 million tourists to Saudi Arabia, seven years ahead of the 2030 goal, and we have now set a new target of 150 million tourists by the end of the decade.”

He noted that Saudi Arabia ranked 12th globally in 2023 in terms of international tourism revenue, rising 15 places since 2019, with tourists spending SAR141 billion ($38 billion).

Tourists benefit from investments in infrastructure and connectivity that make travel within Saudi Arabia easier and faster. The electronic visa program now covers 66 countries, facilitating smoother travel to the Kingdom.

“Saudi Arabia is at the forefront of integrating artificial intelligence in the tourism sector,” he continued. “In addition to designing customized experiences for tourists, Saudi Arabia recently hosted the Global AI Summit, a gathering of AI experts, policymakers, and influencers from around the world.”

The Minister reiterated Saudi Arabia’s commitment to ensuring a rewarding experience for pilgrims, with over SAR5.9 billion ($1.3 billion) invested in improving infrastructure at holy sites.

“We have introduced new tourist visa regulations and a smart Hajj identity, providing pilgrims with accessible information,” he added.

On Saudi Arabia’s role in transforming tourism into a driving force for inclusive development, Al-Khateeb said: “Tourism in Saudi Arabia is bringing about significant societal changes, creating opportunities, especially in empowering women and youth.”

By the end of 2023, women’s participation in the tourism sector reached 46%, with more than 925,000 employees, he underlined. The Ministry of Tourism has also launched initiatives investing over SAR375 million ($100 million) in human capital, in collaboration with top international colleges and schools to enhance the skills of Saudi trainees in the tourism sector.

He emphasized Saudi Arabia’s vision of tourism as a primary force for social change globally, promoting “greater tolerance, acceptance, and collaboration among the world’s peoples.”

Al-Khateeb anticipates significant growth in the travel and tourism sector over the next decade, with an estimated value of $16 trillion, accounting for 11.4% of the global economy, according to the WTTC.

He concluded by stating that Saudi Arabia is a global leader in achieving these goals, fostering partnerships between the public sector and governments worldwide, and encouraging knowledge sharing and innovation.

“We are proud of our pioneering work with various international organizations, including the G20, the United Nations World Tourism Organization, and the World Economic Forum, and we are committed to building a bright and lasting legacy for global tourism,” the minister stated.