Posted 1/17/2024, 9:37:14 AM
Aramco CEO Forecasts Oil Demand Growth to 104 Million Barrels Per Day By 2024, But Supply Constraints Loom
- Aramco CEO sees global oil demand reaching 104 million barrels per day in 2024, driven by growth of 1.5 million bpd
- Prolonged Houthi attacks in Red Sea could lead to oil tanker shortage due to longer routes and supply delays
- Only spare capacity can meet rising oil demand as consumers depleted stocks by 400 million barrels
- Aramco able to bypass Bab Al-Mandab strait using pipeline to west coast and Suez Canal
- Aramco investing in Chinese refineries with crude supply deals due to good demand growth prospects