The CEO of Saudi Aramco, Amin Al-Nasser, said that global oil demand was recovering and could approach pre-pandemic levels next year.
Addressing the virtual CERAWeek conference organized by IHS Markit, Nasser noted that global oil demand would likely recover as of the second half of 2021 and might reach 99 million barrels per day in 2022.
CERAWeek is an annual energy conference organized by the information and insights company IHS Markit in Houston, Texas.
Nasser pointed to the improvement in demand for oil in China, India and East Asia, while the distribution of vaccines is considered a “reason for optimism” in the West.
He said that Aramco - the world’s biggest oil company - used risk-management systems to respond quickly to the pandemic, which also helped it accelerate the use of digital and remote operating processes.
“We faced the biggest crisis in a century, but our business sector got used to difficult circumstances thanks to our focus on flexibility, which gave us the ability to adapt to ensure a quick response,” he underlined.
Nasser also touched on the transformation in the energy sector, noting that environmental, social and governance issues were and still constitute “a significant part” of Saudi Aramco’s strategy.
Sultan Ahmed Al-Jaber, CEO of the Abu Dhabi National Oil Company (ADNOC) and Minister of State in the government of the United Arab Emirates, said that there would be a need for low-cost oil as the world witnesses an energy transition.
“The world will still need oil and gas for many decades to come. There is no doubt about that,” he remarked, expecting a recovery in oil demand, supported by the curb of the pandemic in China and India.