Today, the CEO of Saudi Aramco, Amin Al-Nasser, said that there are good indications of more demand for our supplies, and indicated that the excess capacity today is very low and is decreasing rapidly.
He added that Aramco is doing its duty to put the right investment in, but Aramco alone is not enough, and that regulators, policy makers, banks and shareholders must support more investment in the sector, otherwise we will face big problems, noting that the $350 billion investment today is not enough to meet global demand in Short to medium term.
With regard to oil prices, he said that energy prices are high for reasons, foremost of which are strategies and policies that constrain investment in many energy sources, stressing the need to ensure reliable and affordable energy supplies to the rest of the world.
He also indicated that there is a lot of pressure from investors, shareholders, regulators and policy makers on the sector in terms of investment and capital allocation.
Regarding supply levels, he stressed that there is an approach to reaching the pre-pandemic level in terms of supplies, while there is not enough investment in the sector, but there are good indications of more demand for our supplies, and some improvement is expected in terms of demand in the rest of the world.