Saudi Aramco chief sounds optimistic over oil demand rise
AFP, Riyadh :
The head of Saudi Aramco said Monday he was optimistic that the global demand for oil was growing as the worst of the coronavirus pandemic "might be behind us".
Amin Nasser told reporters through a video conference that global demand for crude oil currently stands at around 90 million barrels per day, just 10 million barrels short of the pre-pandemic level.
"At year-end demand is expected to be in the mid-90s," Aramco's chief executive added.
Demand for oil was hit hard by the world-wide shutdowns to counter the pandemic, sliding at one stage by over 20 million bpd.
"While it remains unclear how long the current wave of uncertainty will continue, we see growing evidence that the worst of the crisis might be behind us," Nasser said.
"We are witnessing a partial recovery in the energy market in the second half of 2020 as countries around the world take steps to ease restrictions and reboot their economies."