Aramco leader talks about increasing oil prices effect| MENAFN.COM

Wednesday, 05 October 2022 10:04 GMT

Aramco leader talks about increasing oil prices effect


(MENAFN) Aramco leader and CEO Amin Nasser stated that “Our record second-quarter results reflect increasing demand for our products — particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry.”

Adding “We are progressing the largest capital programme in our history, and our approach is to invest in the reliable energy and petrochemicals that the world needs, while developing lower-carbon solutions that can contribute to the broader energy transition.”

Together the Brent and West Texas Intermediate oil benchmarks have remained to increase in 2022 following a gain of over 60 percent last year, backed by vaccination drives in advanced economies, a regain in the travel business as nations relax restrictions and the conflict in Ukraine that has strengthened climbing commodities prices.

Mr Nasser stated that “While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential — both to help ensure markets remain well supplied and to facilitate an orderly energy transition.”

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