Nasser: Excess production capacity is only two million barrels per day
Saudi Aramco CEO Amin Al-Nasser told Al-Arabia on Sunday that discussions are underway on a major partnership in China, which will be announced in a year or two.
Al-Nasser explained that the Kingdom’s relationship with China has been characterized by prosperity in recent years, which has allowed the two countries to cooperate on projects that promote economic growth.
Al-Nasser said the oil market would remain tightly balanced in the medium term, adding that he was cautiously optimistic.
He explained that at a time when demand for jet fuel has increased, spare production capacity is limited to two million barrels per day. Corona virus.
He continued, “There are signs of a recovery in global oil demand with the reopening of China’s economy and an increase in air traffic.”
In a related context, Aramco’s chairman affirmed that the risks posed by the lack of global investment in the energy sector are real and contribute to energy prices and market instability.
Al-Nasser added that Aramco’s focus is not only on expanding oil, gas and chemicals production, but also on investing in new technologies for sustainability and carbon reduction.
“The Sustainability Fund invests in technologies that help achieve zero neutrality… and our fund related to technology and entrepreneurship has exceeded 13 billion riyals,” Al-Nasser says.
He expects the company’s capital expenditures to range from 169 billion riyals to 206 billion riyals in 2023, including foreign investments, which will increase investment spending until the middle of the current decade.
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