Saudi Aramco CEO on Oil Market Balance Amid Global Challenges

The oil market remains balanced, with an expected demand of 104.5 million barrels per day. Despite challenges like interest rates and China's demand decline, Saudi Aramco projects stability. CEO Amin Nasser highlighted growth drivers and emphasized looking beyond potential downsides in China during the Future Investment Initiative in Riyadh.

The oil market remains balanced with a projected demand of 104.5 million barrels per day for the current year, according to Amin Nasser, CEO of Saudi Aramco. Speaking at the Future Investment Initiative in Riyadh, Nasser acknowledged the impact of rising interest rates and developments in China but maintained a positive outlook on demand-supply fundamentals.

Oil prices experienced a significant drop of 6% on Monday, reaching a low not seen since early October. This was triggered by geopolitical tensions following Israel's strike on Iran, which, notably, did not affect Tehran's oil infrastructure. Prices have since rebounded slightly with a 1% increase on Tuesday.

Nasser also addressed concerns over China's declining oil demand, a factor that has weighed on global oil consumption. Despite a slight impact from the rise in electric vehicles and economic challenges, he remained optimistic about growth prospects, urging analysts to focus on potential upsides in China's market.

(With inputs from agencies.)