CEO of Saudi Aramco, Nasser Amin said at a summit of Columbia University Energy, said that the oil market is heading for a return to balance in the near term and that the demand will grow in the long term.
Surplus in the oil market in the short term, and there is but Nasser said that supplies are falling below demand in the coming years.
Nasser said that “the market position in the future will be on the floor of a more solid and increasingly. However, volatility may continue to become more coherent balance back and take withdrawals from stocks more consistent trend. ”
Asked whether the market is approaching the peak demand, he said, “I think that peak demand is not in sight.”
Nasser expected high demand for oil and gas with the addition of more cars powered by conventional fuel compared with electric cars in the coming years, even though the emergence of more efficient engines and the use of renewable energy in some ways light transport.
Oil prices began to rise from the wave of a two-year decline with the Organization of the Petroleum Exporting Countries to reduce OPEC production this year after an agreement in November, it aims to reduce surplus stocks. And concerns about the US production continues to put pressure on the market.