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Saudi Economy Minister: Stability in Middle East Is Imperative for Global Growth

Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)
Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)
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Saudi Economy Minister: Stability in Middle East Is Imperative for Global Growth

Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)
Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim speaks at Davos. (Asharq Al-Awsat)

Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim stressed on Monday that the Kingdom is looking forward to working with the second Trump administration, as Riyadh has worked with previous ones.

“We look forward to working with the second Trump administration... to address and counter some of the global challenges we’re facing, including the tepid economic growth that we are witnessing as a global community today,” he said from the World Economic Forum (WEF) in Davos.

The minister then noted that any step towards peace in the Middle East is a positive one, with stability in the region “imperative” for global growth.

In an interview with Bloomberg television, Alibrahim said the Kingdom and the US have long-standing strong relations that have spanned eight decades. “It has been strong regardless of which administration was in office,” he underscored.

“We are here today to work together for global prosperity,” he said, adding that, “any step towards peace is a positive progress step. We in the Kingdom have always called for laying a clear and universal path towards more peace, more stability.”

Also, Alibrahim said the Kingdom is always focusing on fostering more global dialogue.

“We’ve been invited to the BRICS, similar to how we’ve been invited to many other multilateral platforms in the past historically,” he said. “We assess many different aspects of it before a decision is made and right now, we are in the middle of that.”

He added that Vision 2030 is Saudi Arabia’s program to a long-term restructure of the economy. “Vision 2030 is on track and moving with a lot of momentum,” the minister stressed.

The Kingdom’s focus-areas is building more human capital potential and having human-led growth, he noted.

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Aramco Chief Expects Additional Oil Demand of 1.3 Million bpd this Year

Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
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Aramco Chief Expects Additional Oil Demand of 1.3 Million bpd this Year

Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025
Saudi Aramco's Chief Executive Amin Nasser speaking in Davos 2025

Saudi oil giant Aramco's Chief Executive Amin Nasser said on Tuesday he sees the oil market as healthy and expects an additional 1.3 million barrels per day of demand this year.
Speaking to Reuters on the sidelines of the World Economic Forum in Davos, Nasser was responding to a question on the impact of US President Donald Trump's energy decisions, which could increase US hydrocarbon output.
Oil demand this year will approach 106 million barrels per day after averaging about 104.6 million barrels per day in 2024, he said.
“We still think the market is healthy ... last year we averaged around 104.6 million barrels (per day), this year, we're expecting an additional demand of about 1.3 million barrels ... so there is growth in the market,” he said.
Asked about US sanctions on Russian crude tankers, he said the situation was still at an early stage.
“If you look at the impacted barrels, you're talking about more than 2 million barrels,” he said. “We will wait and see how would that translate into tightness in the market, it is still in the early stage.”
Asked if China and India have sought additional oil volumes from Saudi Arabia on the back of the sanctions, Nasser said Aramco is bound by the levels the Kingdom's energy ministry allows it to pump.
“The Kingdom and the Ministry of Energy is always looking at balancing the market. They take that into account when they give us the target of how much we should put in the market,” he said.
In a Bloomberg television interview in Davos, Nasser said: “We still see good demand coming out of China.” The country, along with India, make up about 40% of the rise in global consumption and, “demand is increasing year on year.”
Nasser’s comments echo those he made back in October, saying he was bullish on China after a series of government stimulus measures aimed at reviving the economy.
Nasser also said that Aramco is working with MidOcean, an LNG firm in which it took a 51% stake, and “looking at expanding our position globally in LNG,” without giving details.