Aramco’s CEO, Amin Nasser, believes oil market fundamentals remain “solid” overall for the remainder of the year.
Saudi Arabian oil giant Aramco expects oil markets to rise for the remainder of 2023 as demand from major importers China and India remains strong despite anticipated global downturn
“We believe that the fundamentals of the oil market remain sound overall for the remainder of the year,” CEO Amin Nasser said at the Energy Asia conference in Kuala Lumpur, Malaysia.
The optimism comes even as the world’s largest oil importer, China, is showing signs of slowing growth, leading to several cuts in the country’s key lending rates.
“Despite the recession risks in many OECD countries, the economies of developing countries, especially China and India, are increasing their oil demand by more than 2 million barrels per day this year,” Nasser said.
Nasser predicted that once the global economy begins to recover, the industry’s supply-demand balances will likely tighten.
“Although China is facing some economic headwinds, the transportation and petrochemical sectors are still showing signs of demand growth,” the CEO added.