Saudi Aramco President and Chief Executive Officer Amin H. Nasser during the CERAWeek Conversations said that the worst is behind us in oil markets, referring to the period of weak demand caused by the coronavirus pandemic.
Nasser 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.
During the event, Nasser also said that Aramco had learned about the operation in the US shale and would adopt it to its unconventional operations in the liquids-rich Jafurah area. Commenting on the SABIC’s acquisition, Nasser said that it was part of Aramco’s vision to integrate its refining with petrochemical sectors.
