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Saudi Aramco is optimistic about the pace of recovery in Asian crude oil demand, which will help push oil prices higher, said Amin Nasser, chief executive of Saudi Aramco, the world’s largest crude oil producer and exporter.
Nasser spoke in a statement after Saudi Aramco released its second quarter results over the weekend. “We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and revive the economy,” he said
Asia’s demand for crude oil has almost returned to its pre outbreak level, according to a report by Bloomberg quoting Nasser.
Nasser said at the end of June that the worst of the oil market was over and that he was “very optimistic” about the outlook for the second half of the year.
Nasser told Daniel YERGIN, vice chairman of IHS Markit two months ago, that global oil demand was about 90 million barrels a day in June, up from 75 million to 80 million barrels in April.
Analysts said Saudi Aramco’s comments on August 9 about the recovery in demand was one of the key reasons for the rise in oil prices earlier on August 10.
On August 7th, the number of global commercial flights exceeded 70000 for the first time since March 20, according to flighttradar24, a global flight tracking service, another sign of optimism about demand. However, compared with the same Friday in August last year, the number of commercial flights is still down 43.6%.
After falling on Friday (August 7), oil prices rose earlier in the day, with the US benchmark crude oil trading at more than 2% as of 9:47 a.m. est. WTI crude rose 2.28% to close at $42.21 a barrel, while Brent crude oil traded above $45 to close at $45.20, up 1.76% on the day.