10/21/2024–|Last updated: 10/21/202406:46 PM (Mecca time)
Saudi Aramco CEO Amin Nasser expressed his optimism about the increase in demand for oil in China (the world’s largest oil importer), especially after the Chinese government launched a new stimulus package aimed at reviving the economy, which is considered the largest in Asia and the second largest in the world.
During his speech at the International Energy Week conference in Singapore on Monday, Al-Nasser stressed that the demand for aviation fuel is one of the bright spots for China.
Nasser also indicated that Aramco seeks to increase its capacity to convert oil into chemicals to the level of 4 million barrels per day, with a major focus on the Chinese market. He added, “China is a great market and we are investing with our partners,” stressing that there are a number of new investments expected for the company in China.
Strengthening Chinese partnerships
Despite some analysts’ expectations that demand for fuels such as gasoline and diesel in China may have peaked, or will reach soon due to the rapid shift towards electric vehicles, Aramco remains optimistic about the future of oil demand.
In recent months, China has also witnessed significant growth in demand for commercial vehicles powered by liquefied natural gas, paving the way for expanding the use of less polluting fuel as an alternative to petroleum fuels.
Al-Nasser pointed out that the company expects global demand for oil to reach more than 100 million barrels per day until 2050, as developing economies will witness growth in demand for oil as living standards improve.
According to Aramco’s expectations, oil consumption may reach 104.5 million barrels per day, which exceeds the expectations of the International Energy Agency, which estimated demand at 102.8 million barrels per day.
