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Saudi Aramco reveals oil market forecast for 2023

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Saudi Aramco CEO Amin Nasser believes that oil demand will increase in 2023 due to the easing of epidemic restrictions in China and the recovery of the air travel market.

Nasser said today, Wednesday, in an interview with Bloomberg on the sidelines of his participation in the economic forum in Davos: “We are very optimistic about the prospects for demand in the global oil market, which is also associated with positive signals. from China.”

Demand for jet fuel has yet to reach pre-pandemic levels of about a million barrels per day, despite a doubling of jet fuel demand in a year, the Aramco CEO said.

Nasser called for more investment in the oil industry. He warned that “Stocks are dwindling and any supply disruption could have dire consequences.”

He said the world needed 4 to 6 million barrels per day of new production just to make up for the natural decline in existing fields, and the official believes oil demand growth will be sustainable over the next decade.

Source: Bloomberg.

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