Aramco expects oil demand rise post-energy crisis
Aramco expects to benefit from increased demand for oil following the end of the global energy crisis, which was caused by the war and the closure of the Strait of Hormuz. Vice President and Chief Financial Officer Ziad Al-Murshid indicated that the demand for oil is projected to rise to offset the decline in inventories resulting from current conflicts, enabling the company to capitalize on the growing demand once normal conditions return. He explained that Aramco possesses strong spare production capacity, a solid financial position, and a low debt ratio, all of which enhance its ability to respond to market conditions. These comments came after the company announced record profits of 121.5 billion riyals in the second quarter, surpassing analysts’ expectations, with a 19% increase in revenue year over year.
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