Saudi Aramco CEO: Oil Market to Rebalance by 2022

SourceAl Bawaba
SectorOil & Gas
CountrySaudi Arabia

  Global oil demand is expected to rebound to pre-pandemic levels by 2022 while supply tightens, creating a deficit, Energy Intelligence has reported, quoting the chief executive officer of Saudi Aramco. Amin Nasser said China would once again be the focus of attention and would account for most of the rebound, along with other developing countries in East Asia and other parts of the world. While Nasser warned that spending cuts could create a shortage, and it won't be a short-term affair. Occidental Petroleum expects global oil supply and demand to rebalance by the end of 2021. Occidental CEO Vicki Hollub told the Energy Intelligence Forum that the US crude oil output would grow modestly next year. Hollub said oil demand and prices have tumbled this year as a glut of oil hit the more...