Saudi Aramco CEO sees healthy oil market, expects 1.3 million bpd more in 2019
DAVOS, Switzerland (Reuters) - Saudi oil giant Aramco's Chief Executive Amin Nasser said on Tuesday he sees the oil market as healthy and expects an additional 1.3 million barrels per day (bpd) this year.
Nasser was speaking at the World Economic Forum in Davos, where he was responding to a Reuters question on the impact of U.S. President Donald Trump's energy decisions, which could increase hydrocarbon output.
"We see the market as healthy," Nasser said. "We see demand will continue to grow this year. Supply will also grow, especially in the United States, shale plays."
He said Aramco expects total global oil supply to increase by 1.3 million bpd this year, which is higher than the 1 million bpd growth forecast by the International Energy Agency (IEA).
"We see total demand increasing by around 1.4 million bpd this year," Nasser said. "We believe the market will remain well-supplied."
Nasser's comments come as the oil market is facing a number of uncertainties, including the impact of U.S. sanctions on Iran, the ongoing trade dispute between the United States and China, and the slowdown in global economic growth.
Despite these uncertainties, Nasser said he is optimistic about the long-term prospects for the oil market.
"We believe the long-term fundamentals for oil demand remain strong," he said. "We expect oil demand to continue to grow for the next 20 years."