The CEO of Saudi Aramco expressed his optimism about the increasing global demand for oil. Amin Al-Nasser told reporters through a video conference that the global demand for crude oil is currently standing at 90 million barrels per day, which is only 10 million barrels less than the level before the Corona epidemic, and that he expects demand to rise by the end of 2020 to about 95 million barrels per day. .
Nasser described the performance of the second quarter of 2020 as the worst in generations. “As a result of the COVID-19 pandemic, the second quarter proved to be the most difficult economic period in generations, as most industries suffer from severe disruptions,” he said. Aramco, the world’s leading energy company, posted a massive 73% drop in its net profit for the quarter due to lower oil production and prices.
The demand for oil was severely affected by the global closures to confront the epidemic, as it decreased in one stage by more than 20 million barrels per day. While it is still unclear how long the current wave of uncertainty will last, the world has witnessed a partial recovery in the energy market since the beginning of the second half of 2020, as countries around the world take steps to ease restrictions and restart their economies.