(Investing)- Saudi Aramco CEO Amin Nasser stated Tuesday that global oil demand remains strong, even before the recent sanctions on Russian firms Rosneft and Lukoil.
“Demand is strong even before these sanctions on Rosneft and Lukoil,” Nasser said, adding that “China demand is still healthy.”
The CEO projected oil demand growth for next year at 1.1-1.4 million barrels per day, with 80% of this growth coming from the Global South, where “affordability of energy comes first.”
Nasser emphasized that “oil and gas will continue to be significant part of the energy mix for decades to come,” noting policy shifts that recognize the importance of hydrocarbons.
On the technology front, Aramco has generated $6 billion in value over the past two years from tech investments. The company plans to invest nearly $2 billion in its digital operations over the next three years.
Nasser highlighted how artificial intelligence has improved data collection capabilities, helping the company discover more oil and gas reserves. Despite Aramco’s already substantial reserves, the company continues its exploration program, particularly focusing on gas opportunities.
Regarding oil prices and the impact of sanctions on Russian firms, Nasser said, “We’ll have to wait to see what happens with the sanctions on Rosneft and Lukoil.”
