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  • 15-10-20

    KSA: Oil market's worst stage passes

    (MENAFN) CEO of Saudi Aramco, Amin Al-Nasser, stated on Tuesday, 13th of October, that the oil market's worst stage has passed, and that demand for oil is back, which is 90 million barrels each day, adding that even the demand in China has more or less returned to pre-pandemic needs.

    "The worst is definitely behind us," he declared at the Energy Intelligence Forum. "We are seeing a recovery; we are looking at [global oil demand of] 90 million barrels per day currently and it is picking up."

    He added that Aramco's largest market is Asia, especially China, and they already seeing a strong improvement.

    On his predictions for the future, he said: "It depends on whether there is a vaccine, when it will be available, whether there is a second wave and how big it is. we can see some back and forth, but there are good signs and we expect to see a better market in the fourth quarter and next year."

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