Saudi Aramco expects oil demand to average 104.5 million bpd in 2024
The CEO of the world's largest oil-exporting company sounded more bullish on oil demand compared with OPEC and the IEA.
RIYADH — Saudi Aramco's chief executive, Amin Nasser, said Tuesday he was bullish on global demand for oil, expecting consumption to hit 104.5 million barrels per day (bpd) in 2024, higher than recent estimates by OPEC and the International Energy Agency.
"We are looking at an average of 104.5 million bpd for this year. In the fourth quarter, we are looking close to 106 million bpd. Gas [demand] is also increasing. So next year we are anticipating a growth of about 1.5 million bpd," Nasser told the Future Investment Initiative conference in Riyadh.
The oil markets were "balanced," he said. High interest rates and a stimulus package from China's central bank to ensure the country's economy hits its 5% growth target for 2024 are among the factors that would keep demand for oil high, he said.
Aramco's estimates are the most optimistic regarding the outlook for the oil industry, which is crucial to economic growth in Saudi Arabia and most Gulf states.
