Aramco CEO stays bullish on oil demand after Friday’s price rout – ArabianBusiness

Aramco CEO stays bullish on oil demand after Friday’s price rout – ArabianBusiness

Oil demand will bounce back to what it was before the coronavirus pandemic crushed energy use last year, and a rout in prices last week was based on unfounded fears of new variants of the disease, the head of Saudi Aramco said.

The market “over-reacted” to news of the new omicron coronavirus variant when prices plunged on Friday, chief executive officer Amin Nasser said.

“We’re very optimistic about demand,” he told reporters in Dhahran, the centre of Saudi Arabia’s oil business along the country’s Arabian Gulf coast. “We’re seeing a good response from the markets, especially in Asia.”