Saudi Aramco’s CEO, Amin Nasser, voiced a positive outlook on China’s oil demand, citing the country’s economic stimulus as a key driver. Speaking on the sidelines of the Singapore International Energy Week conference on Monday, Nasser indicated that the company is “fairly bullish” on China’s energy prospects, particularly in sectors such as aviation and chemical production.
“We see more demand for jet fuel and naphtha, especially for crude-to-chemical projects,” Nasser said, emphasizing that the Chinese government’s recent measures to stimulate its economy are contributing to this increase in demand. The ongoing expansion of China’s crude-to-chemical infrastructure has been pivotal, with naphtha—a key feedstock in chemical production—expected to see heightened demand as these projects advance.
Nasser’s optimism comes at a time when global oil demand is facing uncertainty, with geopolitical tensions and the global energy transition influencing market dynamics. However, Saudi Aramco remains focused on markets like China, where the demand for refined petroleum products and chemicals continues to rise.
Despite Saudi Aramco’s positive outlook, the company’s financial performance has seen minor fluctuations. In the second quarter of this year, Aramco reported a 3% decline in profits, driven by lower production volumes. However, Nasser’s remarks underscore Aramco’s confidence in China’s long-term role as a major energy consumer, particularly as the country aims to maintain steady economic growth amidst global economic headwinds.
This bullish stance aligns with the broader strategy of Saudi Aramco to diversify its portfolio and increase its investments in downstream and petrochemical sectors, particularly in key markets like China
