Saudi Gazette report

DAVOS —Saudi Aramco CEO Amin Nasser said on Tuesday that he believed the oil market was in good shape and expected the demand to increase by 1.3 million barrels per day in 2025.

He made the statement to Reuters on the sidelines of the World Economic Forum (WEF) in Davos in response to a question about the impact of US President Donald Trump's decisions on energy, which could lead to increased US hydrocarbon production.

He added that the oil demand this year will approach 106 million barrels per day, after reaching about 104.6 million barrels per day on average in 2024.

"We still believe the market is strong... Our production averaged about 104.6 million barrels (per day) last year, and we expect demand to increase by about 1.3 million barrels this year... so the market will grow," Nasser said.

Asked about US sanctions on Russian oil tankers, he said the situation was still at an early stage.

Saudi Arabia is pumping about three-quarters of its production capacity due to agreements with OPEC+ to support the market.

Asked whether China and India had asked to buy additional Saudi oil because of US sanctions, Nasser said Aramco was bound by the levels allowed by Saudi Arabia's energy ministry to pump.

Nasser said Saudi Arabia and its Ministry of Energy are always looking to maintain balance in the market, and they take that into consideration when determining the target quantity that the country should pump into the market.

Aramco is working with Midocean LNG, in which it has acquired a 51% stake, he said, adding that he company is “looking to expand globally in terms of LNG,” without giving details.