RIYADH: Saudi Arabian Oil Co. is eyeing for continuity in the production of all types of energy including oil and gas, along with renewables, its CEO said.
Speaking at the International Petroleum Technology Conference in Dhahran on Feb. 12, Amin H. Nasser said that the energy giant, also known as Saudi Aramco is committed to fulfilling its promises and is looking to raise capacity and daily production.
Nasser added that global oil demand is expected to hit 104 million barrels per day in 2024 and 105 million bpd in 2025.
Talking about future plans, he said that Aramco has the full capability to grow in any sector to create profitable companies.
He added that Aramco has already finalized and approved a new strategy which will be announced in the future with investors in the stock market.
However, he did not reveal much about the strategy which the company has approved.
Talking about Aramco’s localization efforts, Nasser said that the company hired a majority of Saudi nationals in 2023.
“We hired more than 5,000 people, mostly Saudis, but also from 60 nationalities,” said Nasser.
In January 2024, Nasser told Reuters that global oil markets will cope with Red Sea disruptions in the short run, although prolonged attacks by the Houthis on ships would lead to a shortage of tankers due to longer voyages and a supply delay.
The Aramco official said he expected the oil market to tighten after consumers depleted stocks by 400 million barrels in the last two years, which left the Organization of the Petroleum Exporting Countries’ spare capacity as the main source of additional supply to meet rising demand.
In December 2023, Nasser also opined that the amount of renewable energy coming to the international market falls short of fulfilling the rising demand.
“Even with all the renewable coming to the market, it is still not enough to handle the additional demand we are seeing,” said Nasser.
