Aramco’s CEO expects higher oil demand

Saudi Aramco’s President and CEO Amin Nasser expected global demand for oil to rise despite unfavorable global economic conditions to reach 103 million barrels per day in the second half of 2023. The strong oil demand necessitates investment in boosting production capacity, in parallel with investment in renewable energy sources, Nasser said in a panel discussion at the Future Investment Initiative (FII).

The current situation requires the presence of suitable, reliable and affordable energy sources, which encourages investment in boosting the production capacity of oil and gas as well as the renewable energy sources. The market is not yet ready to shift away from fossil fuels, and without resolving the issue of the high cost of renewable energy, the sustainability goals will not be achieved. The CEO added that 80% of the energy produced by Aramco goes to the countries of the South and not the North, noting that this percentage will rise to 90% by 2050.