Aramco Says Oil Demand is Nearing Pre-COVID Levels

Aramco Says Oil Demand is Nearing Pre-COVID Levels

Saudi Aramco said oil demand is nearing pre-COVID levels and reiterated that producers globally are investing too little in supply.

"We are getting very close to pre-pandemic levels," CEO Amin Nasser according to Bloomberg. "We continue to see healthy demand in the future,” he added.”

After the outbreak of the COVID-19, consumption of crude declined from around 100 million barrels a day in early 2020 as the coronavirus pandemic spread, shutting down factories and triggering mass lockdowns.

The International Energy Agency (IEA), which advises rich countries, said it was back to almost 98 million barrels daily as of September.

Oil prices have surged 13 percent this year to more than $85 a barrel as demand continues to recover.

Nasser indicated that there is no sign yet that rising prices are causing consumers to cut back on oil.

Gulf countries are among the few still spending billions of dollars on increasing their output. Saudi Arabia plans to raise its daily crude-production capacity to 13 million barrels from 12 million by 2027.

Nasser also said Aramco would continue to look at asset sales regardless of oil price.

The company accelerated plans to divest some non-core assets when crude crashed with the onset of the virus.

Last year, Aramco sold stakes in