The CEO of Saudi oil giant Aramco, Amin Nasser, revealed on Monday that the fundamentals of the global oil market are expected to remain strong for the rest of the current year, supported by strong demand from emerging countries, particularly China and India. He added during the Asia Energy Conference: "Overall, we believe that the fundamentals of the oil market will remain strong for the remainder of the year."
He noted that "despite the risks of recession in many OECD countries, the economies of emerging nations, especially China and India, are leading to robust demand growth for oil of more than two million barrels per day this year," considering that although "China is facing economic hurdles, the transportation and petrochemicals sectors continue to show signs of demand growth."
For his part, OPEC Secretary General Haitham Al Ghais stated on Monday that "OPEC expects global oil demand to increase to 110 million barrels per day by 2045, an increase of 23% from current levels."
Brent crude futures have fallen by about 14% since the beginning of the year, while China's promising economic recovery has faltered after several months of weaker-than-expected consumption, production, and real estate market data. Moreover, crude oil supplies from Russia and Iran have remained resilient despite Western sanctions, mitigating the impact of production cuts in Saudi Arabia and other OPEC countries.
