Aramco plans to boost East-West exports
The CEO of Saudi Aramco, Amin Nasser, clarified that the current crisis caused by regional conflicts is having an unprecedented impact on energy markets, with the world losing approximately 3 billion barrels of oil supplies since the onset of the crisis. He affirmed that intervention in the oil market through strategic reserve withdrawals has helped to calm the market, and global demand is expected to resume growth by three million barrels per day after the crisis ends, compensating for the reduced demand during this period. He also pointed out that Aramco has strengthened its operational resilience by expanding the East-West pipeline, now capable of transporting up to 7 million barrels per day, and is working on doubling its capacity to 10 million barrels per day, as well as diversifying export routes to reduce dependence on the Strait of Hormuz. Nasser emphasized that the company continues to invest in gas projects to increase production by 80% by 2030, and has the largest external storage capacities, with efforts underway to double them. He highlighted the company's ongoing commitment to execute projects according to their schedules, with a focus on technology and artificial intelligence to achieve high efficiency and reduce costs.
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