Saudi Arabia’s state-owned oil giant Aramco expects a healthy oil market this year, despite US sanctions on Russian crude tankers, according to CEO Amin Nasser. The company forecasts an additional 1.3 million barrels per day of demand in 2024, driven by growth in the market. The sanctions, which impact over 2 million barrels, are still at an early stage and its effects on the market are yet to be seen. Aramco is working with MidOcean to expand its position globally in liquefied natural gas (LNG), as the kingdom balances the market to support the global energy supply. The company’s CEO emphasized that Saudi Arabia takes into account the target levels set by the Ministry of Energy when determining oil output, and will monitor the situation closely.
Source: https://www.reuters.com/markets/commodities/aramco-chief-tells-davos-he-expects-additional-oil-demand-13-mln-bpd-this-year-2025-01-21