Saudi Aramco believes market fundamentals remain “sound” for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday. | Reuters
Although China faces economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth, he added.Brent crude futures are down about 14 percent since the start of the year as rising interest rates hit investor appetite, while China’s promising economic recovery has faltered after several months of softer-than-expected consumption, production and property market data.
While a failed mutiny by mercenaries in Russia over the weekend has raised concerns about political instability and pushed up oil prices, none of the industry executives and officials speaking on the first day of the conference mentioned it during their onstage remarks. Sazali Hamzah, Petronas’ executive vice president and CEO of downstream, was less optimistic, saying that demand for petroleum and petrochemicals started slowing in the second quarter despite a recovery in jet fuel consumption.“We believe in second-half of this year we will still see weak demand, and that will be extended to part of next year,” he added.Looking ahead, Vitol and Petronas executives said oil demand could peak around 2030.
As part of its transition, Petronas will focus on improving natural gas efficiency and find solutions for carbon abatement while exploring other renewable energy such as biofuel in the mid-term and hydrogen in the long run, Hamzah said.
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