Aramco is optimistic about China’s oil demand growth

The CEO of the company expressed Aramco Amin Al-Nasser of Saudi Arabia 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 program 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 emphasized that the demand for aviation fuel is one of the bright spots for China.

Nasser also pointed out that Aramco is trying 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 said, “China is a very good market and we are investing with our partners,” stressing that several new investments are 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 soon due to a rapid shift to electric vehicles, Aramco remains optimistic about the future of oil demand.

In recent months, China has seen significant growth in demand for commercial vehicles powered by liquefied natural gas (Associated Press).

In recent months, China has also seen significant growth in demand for commercial vehicles powered by liquefied natural gas, paving the way for the expansion of the use of the less polluting fuel as an alternative to petroleum.

Al-Nasser indicated that the company expects the global demand for oil to reach more than 100 million barrels per day until 2050, as developing economies will see growth in the demand for oil as living standards grow.

According to Aramco’s expectations, oil consumption could reach 104.5 million barrels per day, which is higher than the expectations of the International Energy Agency, which estimated demand at 102.8 million barrels per day.