Saudi oil giant Aramco Chief Executive Officer (CEO) Amin Nasser said on Monday that the fundamentals of the global oil market are expected to remain strong for the rest of this year, supported by strong demand from developing countries, especially China and India.
“Despite the risks of recession in many Organization for Economic Co-operation and Development (OECD) countries, the economies of developing countries, particularly China and India, are leading to robust oil demand growth of more than 2 million barrels per day this year,” he added during the Asia Energy Conference.
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Although China was facing economic constraints, the transport and petrochemical sectors continued to show signs of growth in demand, said Nasser.
With regard to energy transformation, Aramco’s CEO noted that completing the global energy transformation in just a quarter of a century was “fanciful”, explaining that renewable energy growth had not kept pace with growth in global energy consumption.
Brent crude futures have fallen about 14 percent since the beginning of the year as rate hikes undermined investors’ appetite, while China’s promising economic recovery stalled after several months of weaker-than-expected consumption, production and real estate market data.`
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