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Aramco CEO: The market suffers from a huge shortage in terms of quantity of oil available

Today, Sunday, the CEO of Saudi Aramco, Eng. Amin Nasser, said that we fully respect all sanctions against Russia.

He added that Saudi Aramco has no commercial operations in Russia, only a research and development center, explaining that the Ukrainian crisis has exacerbated the situation, but the company’s supplies were not affected by the attacks.

He explained that Russian supplies are important and that we will do our part in based on the indications we have, citing Reuters.

He stressed that Aramco is doing its part, but this is not enough, and the other parties should also make their investments.

“We need all sources of energy,” he added.

Saudi Aramco CEO said the market suffers from a major shortage in terms of the amount of oil available, investments are lacking and transition plans in the energy field are completely unrealistic.

He added that the production capacity in excess is about two million barrels, which is limited and decreases every month.

Al-Nasser said we are seeing strong demand, especially in Asia, and we expect strong demand for oil and shrinking capacity in excess, and we will pump production according to the directives of the Ministry of Energy.

We intend to develop significant hydrogen capabilities and continue to explore opportunities to unlock more value.

Saudi Aramco CEO confirmed his intention to maintain sustainable dividends.

Al-Nasser predicted that oil demand would reach pre-Corona pandemic level by the end of 2022, noting that the year 2021 witnessed a rise in crude oil prices.

Saudi Aramco CEO said that if air traffic returned to pre-pandemic level, another two million barrels would be needed.

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