Amin Nasser, CEO of Saudi Aramco, stated that global oil demand is expected to rise by approximately 1.3 million barrels per day (bpd) in 2025, reaching a total of 106 million bpd, Reuters reported.
Nasser highlighted that China and India collectively contribute to about 40% of the global consumption growth, with demand increasing year on year. He remarked, “We still see good demand coming out of China.”
These comments align with Nasser’s previous statements from October 2024, where he expressed optimism about China’s oil demand following government stimulus measures aimed at economic revival.
However, contrasting views exist regarding China’s future oil consumption. China National Petroleum Corp. has projected that the nation’s oil demand may peak after 2025 due to the increasing adoption of electric vehicles.
Speaking about the market dynamics, Nasser noted that recent US sanctions on Russian oil are beginning to tighten the market. He also mentioned that Aramco’s production levels are regulated by Saudi Arabia’s Ministry of Energy.
In comparison, the International Energy Agency (IEA) forecasts a global oil demand growth of 1.05 million bpd for 2025, slightly lower than Aramco’s projection.
Nasser concluded that the anticipated rise in demand would keep the oil market “healthy” and balanced throughout the year.
