Oil demand during first part of Q2 2020 estimated at 20-25mn barrels

Oil demand during first part of Q2 2020 estimated at 20-25mn barrels

Saudi Aramco president and CEO Amin Nasser said that the company raised the production capacity to 12 million bpd; compared to 11.4 million barrels in 20 days during the coronavirus crisis.

“The demand for oil during the first part of the second quarter of 2020 reached 20-25 million bpd,” he said while participating in a virtual session by the Eastern Chamber of Commerce and Industry on Monday.

Nasser announced 60% completion of the first phase of King Salman Energy City; noting that the first phase will be completed in 2021. He estimated the volume of investments in the city at $3.5 billion. While the returns to the national economy at about $6bn; with the city adding about 100,000 direct and indirect jobs over the coming 15 years.

Al-Nasser said the work is underway to establish a complex for digital and non-metallic industries in the city. “This contributes to attracting large companies and opens the way for medium and small enterprises to serve and support these industries. Aramco faced great challenges during the coronavirus crisis; however, it was able to deal with it through the company’s risk management program, and its strong financial solvency.”

He said that 40 percent of the construction of the infrastructure of the King Salman Marine Industries and Services Complex has been completed and the project is to be completed by 2022 with an estimated volume of investments at about $5bn.