Wael Mahdi

RIYADH: In a media briefing following Saudi Aramco’s 2021 financial results, CEO Amin Nasser was very optimistic on the demand outlook but seemed worried over the market fundamentals due to the Russia-Ukraine crisis.

Below are the key takeaways from the discussion with the CEO:

• There are 8.5 million barrels of crude and products at risk from the situation caused due to the conflict between Russia and Ukraine.
• The global spare capacity available today is around 2 million barrels per day, and this is not significant to deal with the current geopolitical tension and what’s happening in the market.
• Until now, the demand outlook remains healthy as the global economy is recovering from COVID-19.
• Supply outlook, however, is not as good as demand.
• If the aviation sector picks up and goes back to the pre-pandemic level, there are more than 2 million barrels today that are off the market and must be added back.