Investments in oil, gas must continue to meet demand: Nasser

17/10/2023 Argaam
Amin Nasser, President and CEO of Saudi Aramco

Amin Nasser, President and CEO of Saudi Aramco

Saudi Aramco President and CEO Amin Nasser said that investments in oil and gas must continue to meet demand.

 

If investments in the sector do not continue, it will lose between five and seven million barrels per day of oil annually, Reuters reported, citing Nasser.

 

He added that global demand for oil is expected to reach 103 million barrels per day in the second half of 2023. The company’s spare capacity currently amounts to three million barrels per day, he said.

 

Aramco can increase oil production capacity “within two weeks” if necessary as global demand continues to rise, he added.

 

Aramco chief also pointed towards the need to focus on cutting emissions from hydrocarbons during the upcoming United Nations COP28 climate conference.

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