Saudi Aramco CEO Amin Nasser told a conference on Monday that economies of developing countries ‘are driving healthy oil demand growth of more than 2 million barrels per day this year’
Saudi Aramco believes market fundamentals remain “sound” for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday.
“Despite the recession risks in several OECD countries, the economies of developing countries – especially China and India – are driving healthy oil demand growth of more than 2 million barrels per day this year,” he told the conference. Crude oil supplies from Russia and Iran have also held up despite Western sanctions, offsetting production cuts by Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries .
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