Saudi Aramco CEO Optimistic About China's Oil Demand

The head of the state-owned oil giant, Saudi Aramco, stated that the company is "fairly bullish" on China's oil demand, particularly in view of the government's stimulus package, which aims to increase GDP.

"A lot of it is happening in China mainly because of the growth in chemical needs. Especially for the transition, for the electric vehicles, for the solar panels, they need more chemicals. So that's huge growth there," Aramco CEO Amin Nasser said

Saudi Arabia owns shares in a few Chinese refineries and is the world's second-largest supplier of oil to China, after Russia.

He told the conference that while the energy revolution in Asia is moving more slowly, less fairly, and more complicatedly than many had anticipated, policies for emerging nations need to be adjusted.

According to Nasser, the Global South's oil demand is expected to continue to grow significantly as economies improve and living standards rise, even after the transition. This growth will eventually slow, but it will likely be followed by a protracted plateau.

In order to achieve their climate goals at a pace and in a way that suits them, nations should select an energy mix, Nasser said. "Our main focus should be on the levers available now."

These include prioritizing the reduction of carbon emissions linked with conventional sources by increasing energy efficiency and developing carbon capture, utilization, and storage (CCUS), as well as promoting investments in oil and gas that developing countries require and can afford.