‘Worst is behind us,’ says Saudi Aramco chief as he expects rebound in oil demand – Saudi Gazette

‘Worst is behind us,’ says Saudi Aramco chief as he expects rebound in oil demand – Saudi Gazette

Saudi Gazette reportRIYADH “” Saudi Aramco's chief executive Amin Nasser expects rebound in global oil demand in the second of half of the year as more countries are moving to ease stringent coronavirus measures, saying: "The worst is behind us." Amin Nasser made the remarks in the latest edition of CERAWeek Conversations.In a conversation with Daniel Yergin, vice chairman, IHS Markit, Aramco CEO said that already-recovering demand has him "very optimistic“ for the second half of 2020 and that countries are now better prepared for the second wave of COVID-19 if and when it occurs.Exuding a sense of confidence and optimism, Nasser said: "The worst is behind us. We went from -$40 to +$40 with WTI. In April we were looking at a demand of about 75-80 million barrels per day with significant supply at that time. Currently, you are looking at almost close to 90 million barrels per day. I'm very optimistic about the second half of this year.

We see it in China today “” it's almost 90 percent. In gasoline, it's around 95 percent in China. Gasoline and diesel are picking up to pre-COVID levels. Jet fuel is still lagging in terms of less air travel. More countries