Aramco’s chief executive Amin Nasser said on Sunday the market would remain tightly balanced in the short to medium term, adding that he was cautiously optimistic.
Nasser was speaking to the press after the Saudi Arabian oil giant reported its highest ever annual profit since the company was listed.
He said spare capacity remained tight at 2 million barrels per day, while demand for jet fuel was increasing alongside China’s re-opening from tight Coronavirus-related restrictions.
“If you considered China opening up and a pick up in jet fuels and very limited spare capacity, we are talking 2 million barrels, so as I said we are cautiously optimistic in the short to midterm and the market will remain tightly balanced,” he said.
A deal agreed between Iran and Saudi Arabia on Friday to re-establish relations after years of hostility that had threatened stability and security in the Gulf would have a positive effect on global energy markets as it promotes regional stability, Nasser said.
This report’s information was first seen on REUTERS; to read more, click this link.
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