Aramco expects oil demand to rebound to pre-pandemic levels by 2022 while supply tightens, creating a deficit, the chief executive of the Saudi state energy giant told Energy Intelligence. China is once again the focus of attention. According to Amin Nasser, it will account for most of the rebound, along with other developing countries in East Asia and other parts of the world. On the supply side, however, Nasser warned that spending cuts could create a shortage, and it won’t be a short-term affair. “Yes, there is a concern that we might end up with a supply crunch over the mid to long term if this level of investment is not corrected looking forward,” the executive told Energy Intelligence’s Amena Bakr. The industry has cut about a third of its spending from last year’s level. The interview came out on the same day that OPEC revised down its 2021 […]