Al-Nasser added at the Future Investment Initiative conference in… Riyadh “I think the market is balanced now. Certainly the increase in interest rates and what happened in China had an impact, but the market is balanced in terms of the fundamentals of supply and demand.”
“We are looking at 104.5 million barrels on average for the year, and in the fourth quarter we are looking at approximately 106 million barrels,” he said.
Al-Nasser’s speech comes after prices fell Oil Six percent yesterday, Monday, to its lowest level since October 1, after avoiding the blow it launched Israel on Iran Early week Iranian oil infrastructure.
Prices rose on Tuesday by more than one percent.
It represents a decrease in demand for oil Chinathe largest importer of crude oil in the world, is a factor of pressure on global oil consumption and prices.
The company’s CEO said Saudi Aramco Despite the “small impact” on gasoline due to the rise of electric cars and the economic situation, there is still growth in China.
He went on to say, “When people talk about China, they always try to maximize the negative side and ignore the positive side.”
