Aramco's Expanding Global Strategy Amid Oil Market Dynamics

Aramco CEO Amin Nasser expressed optimism about the oil market, forecasting a significant rise in global oil demand by 1.3 million barrels per day this year. Amid U.S. energy policies and potential impacts from Russian oil sanctions, Aramco maintains production aligned with Saudi energy ministry policies. The company is also expanding its global LNG presence with MidOcean.

Saudi oil giant Aramco's Chief Executive, Amin Nasser, revealed confidence in the oil market's health, forecasting a surge in demand by 1.3 million barrels per day this year. This statement was made during an interview at the World Economic Forum in Davos. Nasser addressed the potential impact of U.S. President Donald Trump's energy policies, highlighting the possibility of increased U.S. hydrocarbon output.

At present, oil demand is nearing 106 million barrels per day. Nasser remarked on the market's growth, stating that after averaging approximately 104.6 million barrels per day in 2024, this year's demand would see a significant rise. Nasser noted, "The market is healthy, with an expected additional demand of about 1.3 million barrels."

Nasser also commented on U.S. sanctions affecting Russian crude oil, estimating it impacts over 2 million barrels. He indicated that it remains early to determine market tightness due to these sanctions. Additionally, Aramco's dealings with China and India must adhere to the production levels set by Saudi Arabia’s energy ministry, which currently accounts for three-quarters of its output capacity. Moreover, Aramco is venturing into the global LNG market alongside MidOcean, in which it holds a 51% stake.

(With inputs from agencies.)