Saudi's Aramco foresees quick pick up in oil demand

Omkar Godbole FXStreet Contributor

Amir Nasser, CEO of Saudi Aramco, officially known as Saudi Arabian Oil Company, said this week that crude oil demand is expected to improve in just a few short months.

"Current demand in the market is about 94m bbl/day, our expectation by next year will be about 99m bbl/day," Nasser said, adding that there was a good case for oil demand optimism going forward, according to oilprice.com.

Nasser said that China, East Asia, and India are likely to contribute most to the demand rebound.

On Thursday, OPEC+, a group of major producers led by Saudi Arabia and Russia, agreed to keep crude oil production steady in April, dashing hopes for a curb for an output cut in the wake of signs of global economic recovery and oil rally.

Brent oil clocked a 14-month high of $67.74 per barrel early Friday, taking the year-to-date gain to 30%.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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