News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
28
o
Bekaa
21
o
Keserwan
28
o
Metn
28
o
Mount Lebanon
22
o
North
26
o
South
26
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Loghz Al Akwiya
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
28
o
Bekaa
21
o
Keserwan
28
o
Metn
28
o
Mount Lebanon
22
o
North
26
o
South
26
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Series
Movies
Documentaries
Variety
Comedy
Talk Show
News Bulletin
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Aramco CEO predicts tighter oil markets, sees Red Sea risks
Middle East News
17-01-2024 | 05:27
High views
Share
Share
4
min
Aramco CEO predicts tighter oil markets, sees Red Sea risks
Global oil markets will cope with Red Sea disruptions in the short run. However, prolonged attacks by the Houthis on ships would lead to a shortage of tankers due to longer voyages and a supply delay, the Saudi oil giant Aramco CEO said.
Amin Nasser told Reuters he expected the oil market to tighten after consumers depleted stocks by 400 million barrels in the last two years, which left OPEC's spare capacity as the primary source of additional supply to meet rising demand.
Attacks by the Houthis on ships in the Red Sea have forced many companies to divert cargo around Africa. The Iran-aligned Houthis say they are acting in solidarity with Palestinians during Israel's ongoing war with Gaza.
"If it's in the short term, tankers might be available ... But if it's longer term, it might be a problem," Nasser said in an interview on the sidelines of this week's World Economic Forum in the Swiss ski resort of Davos. "There will be a need for more tankers, and are they going to have to take a longer journey."
Container vessels have been pausing or diverting from the Red Sea, leading to the Suez Canal, the fastest route from Asia to Europe, where about 12 percent of world shipping passes.
The alternative route around South Africa's Cape of Good Hope adds 10-14 days to the journey.
Nasser said that Aramco could bypass the Bab el-Mandeb strait near Yemen, where the Houthis launch attacks, via a pipeline connecting its eastern oil facilities with its western coast and giving it quicker access to the Suez Canal.
Some oil products might have to sail around Africa, Nasser said, adding that he does not expect the Houthis to attack Aramco's facilities again as a result of peace talks between Saudi Arabia and Yemen.
Nasser said he saw oil demand at 104 million barrels a day (bpd) in 2024, meaning growth of roughly 1.5 million bpd after growing by 2.6 million bpd in 2023.
And demand growth, combined with low stocks, will help tighten the market further.
Nasser said global stocks have shrunk to the low end of a five-year average after consumers depleted offshore and inland reserves by 400 million barrels over the past two years.
"The only card available today is the spare capacity, around 3.5 percent globally. And as demand picks up, you will erode that spare capacity unless there is additional supply."
Nasser said he could not predict when oil demand would peak or plateau as fossil fuel consumption was migrating from developed to developing countries, which were getting richer.
"There is good growth, and demand is very healthy in China," he said.
Aramco has invested in Chinese refineries with attached crude supply deals and is in talks for more, focusing on converting liquids into chemicals.
"There are not many refineries around the world that are fully integrated. China offers that opportunity, and demand for chemicals is expected to grow, so it's an attractive market," Nasser said.
Reuters
Middle East News
Aramco
CEO
Amin Nasser
Oil
Market
Global
Red Sea
Ship
Cargo
Davos
Fossil Fuel
Next
Trump says he will visit Saudi Arabia, Qatar, UAE as early as May
Recommended For You
d-none hideMe
0
Middle East News
13:45
Israeli army says missile launched from Yemen
Middle East News
13:45
Israeli army says missile launched from Yemen
0
Middle East News
13:21
Israel army tells govt to halt aid from Jordan after shooting attack
Middle East News
13:21
Israel army tells govt to halt aid from Jordan after shooting attack
0
Middle East News
13:12
UN envoy to Syria Geir Pedersen resigns
Middle East News
13:12
UN envoy to Syria Geir Pedersen resigns
0
News Bulletin Reports
13:00
Israel-Syria security talks continue amid skepticism and stalled progress — the details
News Bulletin Reports
13:00
Israel-Syria security talks continue amid skepticism and stalled progress — the details
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
News Bulletin Reports
2025-09-17
High-stakes Israeli-Syrian security talks held in London ahead of UN summit
News Bulletin Reports
2025-09-17
High-stakes Israeli-Syrian security talks held in London ahead of UN summit
0
Lebanon News
03:16
UNIFIL resumes humanitarian demining operations in South Lebanon
Lebanon News
03:16
UNIFIL resumes humanitarian demining operations in South Lebanon
0
News Bulletin Reports
13:09
From dollars to gold: What US interest rate cuts mean for Lebanon
News Bulletin Reports
13:09
From dollars to gold: What US interest rate cuts mean for Lebanon
0
Lebanon News
14:34
Speaker Nabih Berri condemns Israeli attacks on southern Lebanon
Lebanon News
14:34
Speaker Nabih Berri condemns Israeli attacks on southern Lebanon
Videos
d-none hideMe
0
Lebanon News
2025-09-07
Lunar eclipse captivates Lebanon: watch the stunning video
Lebanon News
2025-09-07
Lunar eclipse captivates Lebanon: watch the stunning video
0
Lebanon News
2025-08-31
LBCI correspondent reports from Nabatieh as residents clear rubble after Israeli strikes
Lebanon News
2025-08-31
LBCI correspondent reports from Nabatieh as residents clear rubble after Israeli strikes
0
Lebanon News
2025-08-29
Unprecedented step: Lebanon funds kidney transplants for all qualified patients
Lebanon News
2025-08-29
Unprecedented step: Lebanon funds kidney transplants for all qualified patients
0
Lebanon News
2025-08-28
US envoy Barrack clarifies ‘animalistic’ comment, says media ‘just doing their job’
Lebanon News
2025-08-28
US envoy Barrack clarifies ‘animalistic’ comment, says media ‘just doing their job’
0
Lebanon News
2025-08-26
US congressional delegation in Beirut discusses disarmament of Hezbollah, LAF support, Israeli perspective
Lebanon News
2025-08-26
US congressional delegation in Beirut discusses disarmament of Hezbollah, LAF support, Israeli perspective
0
News Bulletin Reports
2025-08-23
40 years of LBCI: A look back at its milestones
News Bulletin Reports
2025-08-23
40 years of LBCI: A look back at its milestones
0
Lebanon News
2025-08-17
President Aoun: Hezbollah's weapons are an internal matter, US proposal is now a Lebanese paper
Lebanon News
2025-08-17
President Aoun: Hezbollah's weapons are an internal matter, US proposal is now a Lebanese paper
0
Lebanon News
2025-07-15
Pregnant journalist Petra Abou Haidar attacked in road rage assault
Lebanon News
2025-07-15
Pregnant journalist Petra Abou Haidar attacked in road rage assault
0
Lebanon News
2025-07-01
Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district
Lebanon News
2025-07-01
Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
09:51
Israeli army warns residents in three South Lebanon towns to evacuate immediately
Lebanon News
09:51
Israeli army warns residents in three South Lebanon towns to evacuate immediately
2
Lebanon News
02:46
Lebanese journalist and actress Yumna Sherry dies at 55 in Canada
Lebanon News
02:46
Lebanese journalist and actress Yumna Sherry dies at 55 in Canada
3
Lebanon News
11:47
Urgent: Israeli army tells residents in Tayr Zibna (Chehabiyeh) and Borj Qalaouiye to evacuate
Lebanon News
11:47
Urgent: Israeli army tells residents in Tayr Zibna (Chehabiyeh) and Borj Qalaouiye to evacuate
4
Lebanon News
07:57
Lebanon’s new authorities slow to act amid rising assaults on UN forces, says Samir Geagea
Lebanon News
07:57
Lebanon’s new authorities slow to act amid rising assaults on UN forces, says Samir Geagea
5
Lebanon News
10:23
Heavy displacement in southern Lebanon after Israeli evacuation warnings (Video)
Lebanon News
10:23
Heavy displacement in southern Lebanon after Israeli evacuation warnings (Video)
6
Lebanon News
10:33
Lebanon’s PM urges Israel to halt attacks following evacuation warnings
Lebanon News
10:33
Lebanon’s PM urges Israel to halt attacks following evacuation warnings
7
News Bulletin Reports
13:09
From dollars to gold: What US interest rate cuts mean for Lebanon
News Bulletin Reports
13:09
From dollars to gold: What US interest rate cuts mean for Lebanon
8
Lebanon News
04:34
Justice Minister Adel Nassar oversees Lebanon-Bulgaria coordination on Rhosus ship owner extradition
Lebanon News
04:34
Justice Minister Adel Nassar oversees Lebanon-Bulgaria coordination on Rhosus ship owner extradition
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More