Aramco CEO: Global demand for oil will reach 103 million bpd ‎during H2‎

Amin Nasser, CEO of Saudi Aramco, said on Tuesday that he expects global demand for oil to reach 103 million barrels per day in the second half of this year, while global spare capacity currently stands at 3 million barrels per day.

According to Reuters, Al-Nasser added at the Energy Information Forum in London that Aramco is able to increase oil production capacity “within two weeks” if necessary as global demand continues to rise.

Al-Nasser added that the plan to raise production capacity to 13 million barrels per day by 2027 is on the right track.

Al-Nasser, CEO of Saudi Aramco, said that traditional energy continues to be the primary product in the market, and currently accounts for 95% of the total available supplies.

In his speech on the sidelines of his participation in the Middle East and North Africa Climate Week 2023, Al-Nasser explained that renewable energy sources are showing great growth, but they are starting from a modest base, as they currently represent only 5% of the total energy supply around the world.

He added: “After the Corona pandemic, there was not enough capacity to meet global demand, which led to an increase in prices.”