Saudi Aramco sees ‘sound’ oil outlook for H2CY23 on China, India demand

Saudi Aramco believes market fundamentals remain “sound”for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday.

But other executives at the Energy Asia conference in Kuala Lumpur were divided, with Malaysia state oil firm Petronas reporting a slowdown in demand for petroleum and petrochemicals in the second quarter and growing refinery capacity putting pressure on the market.

“Overall, we believe that oil market fundamentals remain generally sound for the rest of the year,” said Nasser, who heads the world’s largest oil company.