Saudi Aramco CEO: Oil Demand to Remain Resilient Despite Recent Upheaval
Saudi Aramco CEO Amin Nasser speaks at an event in Houston. (AFP file)
Saudi oil giant Aramco expects oil demand to remain resilient this year and sees further upside if the US and China successfully resolve their trade dispute.
Washington and Beijing agreed to temporarily slash reciprocal tariffs earlier on Monday, in a deal that surpassed expectations as the world's two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.
"We expect demand will continue to be steady and growing compared to 2024, and if the whole issue around tariffs is resolved... that also will add to additional demand that will be seen from the market," Aramco CEO Amin Nasser said in a post-earnings conference call on Monday.
Aramco, the world's top oil exporter, reported posted first-quarter profits of $26 billion on Sunday, down 4.6% from the prior year.
Aramco had revenues of $108.1 billion over the quarter, the company reported in a filing on Riyadh’s Tadawul stock exchange. The company saw $107.2 billion in revenues and profits of $27.2 billion the same quarter last year.
Meanwhile, the OPEC+ group surprised markets in April by agreeing to a larger-than-expected output hike for May.
Saudi Aramco said the additional production could add potentially $1.9 billion in annual operating cash flow.
"Currently, it is premature to assess the full impact of trade negotiations, as there are many moving parts," Nasser said, but added that Aramco is well positioned thanks to its healthy financial position and flexible capital.
Berlin Eyes Partnership with Riyadh in Expo 2030, Climate Cooperation, Hydrogen Initiativeshttps://english.aawsat.com/business/5165747-berlin-eyes-partnership-riyadh-expo-2030-climate-cooperation-hydrogen-initiatives
Berlin Eyes Partnership with Riyadh in Expo 2030, Climate Cooperation, Hydrogen Initiatives
Saudi and German flags fluttering - File Photo/Asharq Al-Awsat
A senior German official affirmed his country’s commitment to strengthening cooperation with Saudi Arabia across various fields, noting that bilateral trade relations continue to grow steadily, with trade volume reaching around 7 billion Euros.
Speaking to Asharq Al-Awsat, German Ambassador to Saudi Arabia Michael Kindsgrab said: “The sectors driving this growth—chemicals, machinery, and transport—reflect the strong industrial connections we share. These are areas where German expertise is making a real difference in Saudi Arabia’s development.”
He added: “Looking ahead, there is much to be excited about. Expo 2030 is an incredible opportunity for us to further deepen our collaboration, showcase the best of what both Saudi Arabia and Germany have to offer, and inspire future generations to continue building on this remarkable partnership.”
German Ambassador to Saudi Arabia Michael Kindsgrab - Asharq Al-Awsat
Renewable Energy
On climate cooperation, the official said: “As for climate cooperation, we have just launched a relevant study on the Saudi labor market in the renewable energy sector, which was reviewed by the National Labor Observatory and discussed with experts of KAPSARC, KaCare and PSU. This is a great example of our close and meaningful partnership, tackling the challenges of today with an eye on the future.”
Blossoming Relations
Kindsgrab noted that Saudi-German relations are truly blossoming, saying: "I am proud to see our partnership becoming deeper and stronger across so many areas. From a personal perspective, it is inspiring to witness the growing bonds between our two countries. These ties span a wide range of sectors, including energy, transport, architecture, health, education and culture—creating a solid foundation for the future.”
“One of the most exciting aspects of our cooperation is in the area of energy transition. German innovation is at the heart of NEOM’s green hydrogen projects, with Thyssenkrupp Nucera playing a key technological role in making the vision of decarbonization of industry a reality,” he affirmed.
“Beyond energy, we’re also seeing significant progress in transport, where Siemens’ delivery of metro wagons helped to shape the modern infrastructure of Saudi cities. And let’s not forget the impact of German architecture in megaprojects such as King Salman Park or the design of Expo 2030, which I believe will be a landmark event for both our countries, ” added Kindsgrab.
“In the health sector, the collaboration with Charité in Berlin is another example of how our nations are working together to improve lives.”
Accelerated Cultural Cooperation
“And now, I am particularly excited to see the acceleration of cultural cooperation, such as the recently launched museum initiative between the Saudi Museums Commission and the Prussian Cultural Heritage Foundation of Germany,” the German ambassador stressed.
“This cooperation emerged as part of our shared efforts to strengthen people-to-people ties and will play an enriching role for the cultural relations, as it includes a loan program for artworks, joint curatorship and training programs to support talent development,” he concluded.
