Saudi Aramco says it can pump 12 million barrels per day (bpd) for an entire year without extra investment, a capacity that could help stabilise global oil supply for consumers.
Speaking at the Energy Intelligence Forum in London, Aramco CEO Amin Nasser said the company has the flexibility to sustain output at its current maximum. He noted this gives markets “an important cushion” against sudden supply shocks.
Nasser also forecast that global oil demand will rise by 1.1 million to 1.3 million bpd in 2025, and by 1.2 million to 1.4 million bpd in 2026. He added that the hype around energy transition “has not been matched by reality on the ground.”
“Hydrocarbons are largely carrying the extra load, and they remain the backbone of global energy,” he said. He called the current phase “not a true energy transition; it’s an energy addition.”
The CEO also disclosed Aramco’s advantages, stating “a massive resource base, low costs, and one of the lowest upstream carbon intensities” in the oil industry. He said the company’s growth potential in oil remains large.
Yet market watchers urge caution. With spare capacity in question, demand slowdowns or geopolitical shifts could strain supply flexibility.
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