Saudi Aramco optimistic about second-half of 2020

Saudi Aramco CEO Amin Nasser expects oil demand to rebound in the second-half of the year as more countries ease travel restrictions. He made the disclosure during an interview with IHS Markit Vice Chairman Daniel Yergin.

“The worst is behind us,” said Nasser. “I’m very optimistic about the second half of this year. Gasoline and diesel are picking up to pre-COVID levels. Jet fuel is still lagging in terms of less air travel. More countries will start opening up. So, we are seeing that reflected in the demand on crude.

The oil executive said that the pace of recovery would depend on whether there was a second wave of the COVID-19 coronavirus, but that the experience of countries in dealing with the pandemic had made them better prepared for any recurrence. We learned a lot during the first wave,” he said.

His remarks as OPEC oil output drops to its lowest in two decades.