Al-Marsad Newspaper: Aramco CEO Amin Nasser predicted that oil demand in 2023 will rise due to the easing of epidemic restrictions in China and the recovery of the air travel market.
“We are very optimistic regarding the prospects for demand in the global oil market, which is also linked to positive signals from China,” Nasser said in an interview with “Bloomberg” on the sidelines of his participation in the Davos Economic Forum.
He stressed that the demand for jet fuel has not yet reached pre-epidemic levels by regarding one million barrels per day, despite the doubling of the demand for jet fuel within a year.
Nasser called for increased investment in the oil industry. He warned that “stocks of reserves are shrinking and any supply disruption might have dire consequences.”
He said that the world needs from 4 to 6 million barrels per day of new production only to compensate for the natural decline in existing fields, and the official believes that growth in oil demand will be sustainable in the next decade.
