Global oil supply fundamentals remain tight: Nasser Aramco spare capacity targets on schedule Blames ‘shaming’ of oil and gas investments Spare global oil production capacity is running thin and the world should be “worried” about the impact of a rebound in demand when China winds down its zero-COVID policy and aviation demand fully recovers, Saudi Aramco’s CEO Amin Nasser said Oct. 4.
Despite growing fears of a global recession, world oil demand could rebound sharply in China while jet fuel demand remains some 1.7 million b/d below pre-COVID levels, Nasser told the Energy Intelligence Forum in London. “If China were to open up a little bit we will find our capacity eroded completely… when we erode that spare capacity, the world should be worried because there is no cover for any recovery or any […]