Saudi Arabia will continue to meet rising demand for its oil and press ahead with global expansion plans in spite of the “challenging” backdrop for the industry. In some of the first public comments from Saudi Arabia’s state oil company since a government reshuffle at the weekend, Amin Nasser, chief executive of Saudi Aramco, emphasised its willingness and ability to compete in global markets. “Whatever the call on Saudi Aramco we will meet it,” he said during a rare media visit to the headquarters of the state oil company in Dhahran.
At the weekend, Saudi Arabia replaced Ali al-Naimi, its veteran oil minister, with Khalid al-Falih, chairman of Aramco and a close adviser to Mohammed bin Salman, the deputy crown prince who has emerged as the man with his hands on the levers of power in the kingdom. “We are seeing a global increase in demand,” he said, citing strength in India, the US and other parts of the world. Mr Nasser said oil demand was expected to rise by 1.2m barrels a day this year.