Saudi Aramco CEO is optimistic about PetroChina's demand outlook, expecting global demand to increase by approximately 1.3 million barrels per day this year.

The CEO of international oil giant Saudi Aramco stated that China is still driving global oil demand growth and refuted concerns that the world's largest energy consumer may have peaked in its demand. Amin Nasser, the CEO of Saudi Aramco, said in an interview, "We still see good demand from China." China and India account for around 40% of global consumption growth, and "demand is increasing year by year." His comments echo those he made in October last year, when he expressed optimism about China's prospects following a series of economic stimulus measures by the government. However, this optimism contrasts sharply with some signals of slowing demand. PetroChina has predicted that as the pace of transition to electric vehicles accelerates, oil demand may stop growing after 2025. According to data from the International Energy Agency (IEA), China's oil consumption increased by only 180,000 barrels per day last year, less than a fifth of the growth in 2023. The IEA expects that by 2025, growth will slightly rebound to 220,000 barrels per day. Weak demand was partially behind a 3% drop in oil prices last year, exceeding geopolitical risks in the Middle East. Oil prices rose by 6% this year after the US imposed severe sanctions on Russia. Nasser said that these restrictions have already begun to tighten the oil market. He expects global oil demand to increase by about 1.3 million barrels per day this year, reaching 106 million barrels per day. This is slightly higher than the IEA's forecast of 1.05 million barrels per day. He pointed out that the growth in demand will make this year's oil market "healthy" and balanced.