Global South drives 80% of oil demand growth: Aramco CEO

Aramco CEO Amin Nasser says that 80% of oil demand growth comes from the Global South.

Saudi Aramco President and CEO Amin Nasser said that 80% of today’s oil demand growth comes from countries in the Global South, where economies are rapidly expanding.

Speaking at the ninth edition of the Future Investment Initiative (FII), Nasser noted that global oil demand is rising by 1.1 to 1.3 million barrels per day (bpd) this year and is expected to grow by 1.1 to 1.4 million bpd in 2026.

He said oil and gas will continue to play a very significant role in the global energy mix for decades to come, adding that this outlook is unlikely to change.

Nasser went on to say that Aramco will continue developing its gas sector, while its oil operations maintain a strong production capacity and healthy reserves. The company plans to increase gas production capacity by 60% over the next five years through 2030, alongside expanding its renewable energy and liquids-to-chemicals sectors, driven by strong market growth.

He noted that investments in hydrocarbons remain ongoing, with technology, artificial intelligence, and digitalization now serving as key differentiators, adding that Aramco’s substantial investments in these areas have generated significant value over the years.

Nasser also said Aramco is accelerating investments in AI and digitalization, leveraging nearly 90 years of data and investing hundreds of millions of riyals in infrastructure that connects all its facilities and assets to these systems.