Aramco is concerned about Gulf attacks .. but can deliver the Demand

Saudi Aramco’s chief executive said the company was concerned about recent events in the Gulf, but Aramco could meet the needs of its customers, thanks to its experience and its spare capacity.

“What is happening in the Gulf is worrying, but at the same time we have experienced a number of crises in the past and we have always met our commitments to customers and we have the flexibility and surplus production capacity,” Amin Al Nasser said in an interview with Reuters.

Attacks on tankers in the Gulf have recently raised concerns about the safety of one of the world’s major shipping routes, leading to higher oil prices. Nasser said Aramco has a production capacity of 12 million barrels per day, while its production around 10 million barrels per day.

The giant oil company aims to become a major global player in the energy sector and develop its own gas sources as well as buying gas assets in the United States, Russia, Australia and Africa. Aramco is in talks to buy a stake in the LNG 2 project in Russia’s Novatik Arctic and is looking for other investment opportunities in different parts of the world.

Worthy to mention that Aramco, the largest oil supplier to South Korea (900,000 barrels per day), has partnerships and investments with refiners in South Korea, the world’s fifth-largest crude importer.