Global oil surplus fears ‘overstated’ as demand stays strong in emerging markets: Nasser

Saudi Aramco President and CEO Amin Nasser says most barrels currently at sea are subject to sanctions

Saudi Aramco President and CEO Amin Nasser said that oil demand growth remains strong in emerging economies, followed by China and the Us.

 

Oil demand reached record levels last year and rising again this year, he told Reuters on the sidelines of the World Economic Forum 2026.

 

"Oil glut predictions are seriously exaggerated. Oil stocks are low across the world on a five-year average and barrels offshore are mostly sanctioned barrels," he said. 

 

"It (spare capacity) is at 2.5% and we need a minimum of 3%. If OPEC+ further unwinds cuts, spare capacity will fall even further and we will need to watch this very carefully," said Nasser. 

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