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Saudi Aramco recently said demand for oil is close to pre-Covid levels, reiterating that global producers are investing too little
in supply.
"We are very close to pre-pandemic levels," CEO Amin Nasser said in an interview Monday, "and we continue to see future health needs
.
" ”
Since the beginning of 2020, crude oil consumption has plummeted
as the coronavirus pandemic spreads, factories close and trigger massive lockdowns.
As of September, oil production had recovered to nearly 98 million barrels per day, compared with pre-pandemic levels of about 100 million barrels
, the IEA said.
Oil prices have surged 13 percent this year to more than
$85 a barrel as demand continues to recover and the omicron variant of the virus has proven less disruptive to the economy than many traders initially feared.
At the same time, spare supply capacity is diminishing
as several major producers strive to boost production.
Nasser said there are no signs yet that higher prices are causing consumers to consume less oil
.
He and Saudi Arabian officials have previously warned that crude prices could climb further if Western governments and energy companies exit fossil fuels too quickly
.
Saudi Arabia is one of the few countries that still spends billions of
dollars to increase production.
Saudi Arabia plans to boost its crude oil production from 12 million barrels per day to 13 million barrels
per day by 2027.
Nasser also said Aramco will continue to focus on asset sales
regardless of oil prices.
When crude oil plummeted due to the virus outbreak, the company accelerated its plans
to divest non-core assets.
Last year, it sold leases on its oil and gas pipelines to investors, including BlackRock
, for about $28 billion.
Saudi Aramco recently said demand for oil is close to pre-Covid levels, reiterating that global producers are investing too little
in supply.
"We are very close to pre-pandemic levels," CEO Amin Nasser said in an interview Monday, "and we continue to see future health needs
.
" ”
Since the beginning of 2020, crude oil consumption has plummeted
as the coronavirus pandemic spreads, factories close and trigger massive lockdowns.
As of September, oil production had recovered to nearly 98 million barrels per day, compared with pre-pandemic levels of about 100 million barrels
, the IEA said.
Oil prices have surged 13 percent this year to more than
$85 a barrel as demand continues to recover and the omicron variant of the virus has proven less disruptive to the economy than many traders initially feared.
At the same time, spare supply capacity is diminishing
as several major producers strive to boost production.
Nasser said there are no signs yet that higher prices are causing consumers to consume less oil
.
He and Saudi Arabian officials have previously warned that crude prices could climb further if Western governments and energy companies exit fossil fuels too quickly
.
Saudi Arabia is one of the few countries that still spends billions of
dollars to increase production.
Saudi Arabia plans to boost its crude oil production from 12 million barrels per day to 13 million barrels
per day by 2027.
Nasser also said Aramco will continue to focus on asset sales
regardless of oil prices.
When crude oil plummeted due to the virus outbreak, the company accelerated its plans
to divest non-core assets.
Last year, it sold leases on its oil and gas pipelines to investors, including BlackRock
, for about $28 billion.
