WorldSaudi Aramco: oil demand will exceed 100 million barrels next year

Saudi Aramco: oil demand will exceed 100 million barrels next year

AA / Riyadh

Saudi Aramco, the world’s largest oil company, forecasts demand for crude to rise to more than 100 million barrels per day, starting next year.

Demand for crude hit the 100 million barrels per day mark, for the first time, in the last quarter of 2019, but declined thereafter, against the backdrop of the negative impact of the coronavirus pandemic.

According to the US Bloomberg News Agency, the company’s CEO Amin Nasser said at the Nikkei Global Management Forum on Tuesday that demand for oil and gas will remain strong for a decade.

He predicted that the energy market’s transition to non-fossil sources would be slower than many people think.

It should be noted that OPEC predicts that the world oil consumption rate will reach 100.8 million barrels per day next year.

The organization’s estimates indicate that the average daily demand for oil over the whole of 2021 is around 96.8 million barrels, compared to 90.5 million barrels per day in 2020.

Nasser said the oversupply of crude is equivalent to three to four million barrels per day, but will decline as demand for jet fuel increases and the airline industry recovers.

Jet fuel is one of the last petroleum products for which demand is still significantly low, since the emergence of the coronavirus pandemic and its spread from the first quarter of 2020.

Daily use of jet fuels and kerosene is around 5.5 million barrels, up from around 8 million barrels in 2019, according to the International Energy Agency.

* Translated from Arabic by Mounir Bennour.

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