OPEC Sees Steady Oil Demand Growth Despite High Prices Prompting Fuel Switching

H2 oil demand seen at 103 mil b/d, jet fuel demand about 95% of pre-COVID

Saudi Aramco has spare capacity of 3 mil b/d to meet any oil demand increase

Market currently seen as balanced and reasonable

High prices prompting some buyers to switch to coal where possible

Aramco investing in oil, gas, chemicals, hydrogen, carbon capture to accelerate transition