At the World Economic Forum in Davos, Switzerland, on January 21st, Saudi oil giant Aramco's CEO Amin Nasser shared his positive outlook on the oil market, projecting an increase of 1.3 million barrels per day in demand for the year.
In response to inquiries about the potential impact of U.S. President Donald Trump's policies on oil output, Nasser expressed confidence, stating that oil demand is set to reach around 106 million barrels per day in 2020, up from the 104.6 million barrels per day in 2019.
Nasser highlighted the market's growth, noting, "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."
Regarding the U.S. sanctions on Russian crude tankers and their possible market impact, Nasser remarked, "If you look at the impacted barrels, you're talking about more than 2 million barrels," adding, "We will wait and see how that translates into tightness in the market; it is still in the early stages."
When asked about China and India seeking more oil from Saudi Arabia due to the sanctions, Nasser explained that Aramco operates within production limits set by the Saudi energy ministry to maintain market stability through agreements with OPEC+.
On the subject of business developments, Nasser mentioned Aramco's collaboration with MidOcean, a LNG company in which it holds a 51% share, stating they are "looking at expanding our position globally in LNG."