Dubai, United Arab Emirates (CNN) – The President of Saudi Aramco, Amin Hassan Al-Nasser, said on Tuesday that oil demand will witness a “strong rise,” indicating that the vaccine distributions lead him to optimism in his view of the market conditions.
Al-Nasser’s comments came during his participation in the Sierra Energy Week conference, where he spoke in a session on economic trends and the oil and gas sector.
Commenting on the impact of the Corona pandemic on Aramco, Al-Nasser said that despite the biggest crisis the company faced in a century, this sector has grown accustomed to difficult circumstances, which contributed to its flexibility to address the crisis and quickly adapt to it.
Al-Nasser also added that the Coronavirus pandemic “revealed harsh facts to the world, as there was a great impact on small and medium-sized companies, and that impact extended to employment, which raises long-term concern about the high unemployment rate,” according to what was reported by the Saudi Press Agency.
The President of Aramco confirmed that the demand in the oil markets would witness “a strong increase from China and East Asia, while it reached pre-pandemic levels in India,” indicating that the current distribution of vaccines drives him to “optimism”, despite the impact on the West and the United States. .