Saudi Aramco President and CEO Amin Nassersays most barrels currently at sea are subject to sanctions
Saudi Aramco President and CEO Amin Nasser said that oil demand growth remains strong in emerging economies, followed by China and the United States.
Total oil demand reached record levels last year and continues to rise again, he told Reuters on the sidelines of the World Economic Forum 2026.
Concerns over a global oil surplus are “significantly overstated”, given the resilience of demand growth and low global oil inventories, Nasser said.
He explained that oil inventories worldwide remain below the five-year average, while most barrels currently at sea are subject to sanctions.
Nasser said Aramco’s spare production capacity now stands at 2.5%, below its preferred level of at least 3%.
He stated that any easing of OPEC+ production cuts would reduce spare capacity, needing close monitoring of market conditions.
Saudi Aramco President and CEO Amin Nassersays most barrels currently at sea are subject to sanctions
Saudi Aramco President and CEO Amin Nasser said that oil demand growth remains strong in emerging economies, followed by China and the United States.
Total oil demand reached record levels last year and continues to rise again, he told Reuters on the sidelines of the World Economic Forum 2026.
Concerns over a global oil surplus are “significantly overstated”, given the resilience of demand growth and low global oil inventories, Nasser said.
He explained that oil inventories worldwide remain below the five-year average, while most barrels currently at sea are subject to sanctions.
Nasser said Aramco’s spare production capacity now stands at 2.5%, below its preferred level of at least 3%.
He stated that any easing of OPEC+ production cuts would reduce spare capacity, needing close monitoring of market conditions.
