Saudi Aramco forecast is good for oil prices


Published on 10 augustus 2020 08:44 |
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LONDON (AFN / BLOOMBERG) – The more positive outlook for oil demand from the world’s largest oil company Saudi Aramco is helping oil prices on Monday. According to the publicly traded Saudi oil giant, demand for the commodity will pick up this year, despite all the corona woes that countries and regions around the world are grappling with.

In Asia, oil consumption is almost back to pre-crisis levels, Aramco CEO Amin Nassar said in an explanation of the half-year figures. Demand for oil is currently at about 90 million barrels per day, compared to pre-pandemic levels of roughly 100 million barrels per day, he says.

Furthermore, oil production in the United States has fallen to its lowest level in 15 years, with producers also scaling back investment in growth plans. This also props up the oil price. However, doubts in the market remain about developments in the near future, also because countries affiliated to the OPEC oil cartel and their allies have previously agreed to gradually increase oil production.

A barrel of American oil cost 1.3 percent more on Monday morning at $ 41.75. Brent oil rose 0.9 percent in price to $ 44.81 a barrel.


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