Global oil demand is on course for "steady growth" this year despite uncertainties over trade, according to state-controlled Saudi Aramco's chief executive Amin Nasser.
"For the second quarter we are seeing resilient growth despite the impact of tariffs and the uncertainty that we are seeing in the market," Nasser said on Aramco's first-quarter earnings call today. "The fundamentals are very strong."
The outlook for the global economy has deteriorated since US president Donald Trump announced a wide array of import levies in April. But the US and China today announced a deal to reduce some bilateral tariffs. And talks with other countries continue.
Oil demand could increase more than currently anticipated depending on the result of trade talks, Nasser said, adding that Aramco estimates oil demand grew by 1.7mn b/d in the first quarter compared with the same period last year.
Asia is responsible for most of the demand growth, but there is also an uptick in the US, particularly in demand for transport fuels, Nasser said.
