Aramco CEO Predicts 1.3 Million BPD Increase in Oil Demand by 2025
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Amin Nasser, the Chief Executive of Saudi Aramco, has expressed his expectations for an additional 1.3 million barrels per day (bpd) increase in oil demand for the year 2025. This projection is part of a broader outlook on the health of the global oil market, which Nasser described as "healthy" despite various global shifts and changes.Nasser made these comments during the World Economic Forum in Davos, where he highlighted the anticipated rise in oil demand. This increase is expected to push the total oil demand to approximately 106 million barrels per day, up from an average of about 104.6 million barrels per day in 2024.The optimistic forecast from Nasser contrasts slightly with other industry forecasts. For instance, the International Energy Agency (IEA) and OPEC have provided more conservative estimates, with OPEC holding steady on its 2025 global oil demand growth forecast at 1.64 million bpd, while the IEA has indicated a range of 0.4 million to 1.3 million bpd growth.Nasser's bullish outlook is driven by several factors, including a robust oil market and fundamental growth in key regions, particularly China. This growth is expected to be a significant driver of the increased demand, contributing to the overall health of the oil market as perceived by Nasser.