Saudi Aramco CEO says Saudi Arabia maintains Asia market despite European demand, asserts lower oil spare capacity

Amin Al-Nasser, President and CEO of Saudi Aramco

The oil spare capacity is very low, representing about 1.5% of the total supply, Reuters reported, citing Amin Al-Nasser, President and CEO of Saudi Aramco.

He added that the oil market does not focus on reducing spare capacity, stressing that having excess production capacity is not the responsibility of Saudi Arabia alone.

Al-Nasser expected a recovery in oil demand until 2030 and beyond, pointing out that the oil market focuses on the short-term rather than the long-term economics.

Europe’s issue is in the supply of gas and liquefied natural gas (LNG) due to the lack of spare capacity, he explained.

Al-Nasser asserted that Saudi Arabia maintains its market in Asia despite European demand.