Saudi Aramco CEO: Driven by developing economies, global oil demand will maintain "strong" growth in the next two years.

The CEO of Saudi Aramco stated that global oil demand is expected to remain "strong" in the next two years due to growth in developing countries. Amin Nasser, President and CEO of Aramco, said at the Energy Intelligence Forum in London on Monday that global oil consumption is projected to increase at a rate of about 1.2 to 1.4 million barrels per day in 2025 and 2026, with current market fundamentals being "robust". He added that considering the "rising living standards" in developing economies in the "Global South" and population growth, "we are confident that demand will continue to grow". As the state-owned oil company of the world's largest crude oil exporter, Nasser mentioned that Saudi Aramco maintains a maximum production capacity of 12 million barrels per day, and revealed that the production cost of Saudi crude oil is only $2 per barrel. The company also expects significant growth in its natural gas business.