EXCLUSIVE-Aramco chief expects additional oil demand of 1.3 mln bpd this year
Updates with details, quotes, background throughout
By Marwa Rashad
DAVOS, Switzerland, Jan 21 (Reuters) - Saudi oil giant Aramco's Chief Executive Amin Nasser said on Tuesday he sees the oil market as healthy and expects an additional 1.3 million barrels per day of demand this year.
Speaking to Reuters on the sidelines of the World Economic Forum in Davos, Nasser was responding to a question on the impact of U.S. President Donald Trump's energy decisions, which could increase U.S. hydrocarbon output.
Oil demand this year will approach 106 million barrels per day after averaging about 104.6 million barrels per day in 2024, he said.
"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 ... so there is growth in the market," he said.
Asked about U.S. sanctions on Russian crude tankers, he said the situation was still at an early stage.
"If you look at the impacted barrels, you're talking about more than 2 million barrels," he said. "We will wait and see how would that translate into tightness in the market, it is still in the early stage."
Asked if China and India have sought additional oil volumes from Saudi Arabia on the back of the sanctions, Nasser said Aramco is bound by the levels the kingdom's energy ministry allows it to pump. Saudi Arabia has been pumping at about three quarters of its output capacity, as part of agreements with OPEC+ to support the market.
"The kingdom and the Ministry of Energy is always looking at balancing the market. They take that into account when they give us the target of how much we should put in the market," he said.
Aramco is working with MidOcean, an LNG firm in which it took a 51% stake, and "looking at expanding our position globally in LNG," without giving details, Nasser said.
(Reporting by Marwa Rashad in Davos, Maha El Dahan and Yousef Saba in Dubai, Editing by Louise Heavens and David Evans)
((Yousef.Saba@thomsonreuters.com; +971562166204; https://x.com/YousefSaba))
Related Articles
[U.S. IPO] BNPL Firm Klarna Set for IPO, Valuation Only Half That of Affirm Amid High Demand
TradingKey - Swedish fintech firm Klarna, is set to finalize its IPO pricing on Tuesday evening, as it continues to gain fame for its "Buy Now, Pay Later" (BNPL) services. The company is valued at just $14 billion, which is half of its U.S. rival Affirm Holdings' valuation, yet it is attracting stro.jpg)
U.S. August CPI Preview: Persistent Rise in Inflation, What Impact on Rate Cuts? And on US Stocks?
TradingKey - On 11 September 2025, the U.S. will publish August CPI data. Consensus forecasts indicate a 0.3% month-over-month increase for both headline CPI and core CPI. As a result, headline CPI year-over-year may climb to 2.9%, up from 2.7%
U.S. August Nonfarm Payroll Preview: Risks Focus on Downward Revision of July Data
TradingKey - On 5 September 2025, the U.S. Department of Labour will release the August Non-Farm Payrolls report. The market widely expects August to see an addition of 75,000 non-farm jobs, roughly in line with July’s 73,000.
Unlocking Gold’s Next Leg: $4,000 in Reach by 2025？
TradingKey - Gold has kicked off a fresh uptrend in early September, breaking out of months of compression and reclaiming key territory. The decisive move above $3,500 establishes a new support base and puts higher objectives back on the table for the weeks ahead
US NFP Nightmares Preview: A Tiny August Revision, a Huge Annual Benchmark Cut And a Fed in Flux
TradingKey - Wall Street expects modest job growth and a rebound in the unemployment rate in August NFP report, a balanced outcome that could support a September rate cut. However, a massive downward revision — a “terrifying scene” — and anomalies on the supply side could plunge the Fed into deeper (1).jpg)
