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S. Aramco CEO: Oil supply issues possible as China's demand grows
Saudi Aramco CEO Amin Nasser expressed his concerns with regard to oil on Wednesday, speaking to CNBC at the World Economic Forum sidelines, stating that the possible jump in oil demand that is expected to come from China could create issues on the supply side.
Although spare capacities for crude oil are available at present, Nasser commented that he is "not so sure about the mid-to-long term, because as the spare capacity erodes, we will not be having the capability to mitigate any short or long term interruptions like what happened with Russia-Ukraine crisis."
The International Energy Agency's (IEA) forecast, released earlier today, seemingly supports such potential fears, as it is estimated that the global demand for crude will rise by 1.9 million barrels per day (bpd) in 2023, while the supply will slow to one million bpd.