Saudi Aramco’s president and CEO Amin Nasser on June 30 said that global oil demand had rebounded to nearly 90 million bpd partly reversing a collapse caused by the coronavirus pandemic. Nasser added that the worst was already over for the oil industry, with US WTI crude surged to $40/barrel from negative $40/barrel in April.
Previously, analysts forecast global oil demand to fall to between 95 million and 97 million bpd by the end of 2020, depending on whether there will be a new wave of COVID-19 infections or not. However, Nasser said he was optimistic about the second half of this year, saying that the industry would be much better prepared. Nasser was also confident that jet fuel demand would begin to recover following a pick up in gasoline and diesel consumption.
According to Nasser, Aramco manages to operate all of its fields and plants smoothly during the pandemic. Despite ordering 50% of its office staff to work from home, all of the oil giant’s field personnel were present on-site even in remote areas and offshore facilities.
Nasser also revealed that cybersecurity became a significant concern for Aramco during the pandemic. He urged the industry to protect its network from any hackers, noting that there were many hacker attacks targeting energy companies.
