Global oil market fundamentals sound for rest of 2023: Aramco CEO

Global oil market fundamentals are expected to remain sound for the rest of the year, underpinned by healthy demand in developing countries, especially in China and India, Saudi Aramco CEO Amin Nasser said on Monday.

“Overall, we believe that oil market fundamentals remain generally sound for the rest of the year,” Nasser told the Energy Asia conference, hosted by Malaysia’s state oil firm Petronas.

“Despite the recession risks in several OECD countries, the economies of developing countries – especially China and India – are driving healthy oil demand growth of more than 2 million barrels per day this year,” he said.