Aramco expects long-term global demand for oil
Friday – 22 Safar 1442 AH – 09 October 2020 AD Issue No. [
London: “Asharq Al-Awsat”
Saudi Aramco expects that oil demand will continue to grow in the long term, stressing that this is driven by the steady population growth and economic growth factors.
The company said in a statement to “Reuters” news agency that fuels and petrochemical materials will support the growth of demand, indicating that the prediction of an imminent peak in oil demand simply does not agree with the reality of oil consumption.
Saudi Aramco indicated, according to Reuters, that its priority is to maintain its low carbon intensity and low production cost while delivering the energy supplies that the world needs, stressing that it is looking at ways to reduce emissions through technology, such as increasing the efficiency of engines and extracting carbon.
On the other hand, Moody’s international credit agency granted the long-term domestic scale rating to Saudi Aramco at the Aaa category, pointing out that the local scale rating of “Saudi Aramco” reflects its position as a company with the strongest rating in the country, in addition to the fact that its credit reality is closely related. Organically, the credit quality of the Kingdom’s government.
It is known that Saudi Aramco has recently made major moves towards its transformation into an integrated energy company that will be the largest in the world, especially after its acquisition of 70 percent of the shares of the petrochemical industry giant, the Saudi Basic Industries Corporation (SABIC), to add this to the oil and gas industries and integrate a circle. Upstream and downstream process. The management of “Saudi Aramco” stresses on its application of a low-cost structure and high financial flexibility, which enabled it to overcome the difficulties of fluctuating oil prices and various economic cycles.
The Saudi economy
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