Aramco CEO Sees Oil Market Closer to Balance Despite U.S. Boom
- Rise in U.S. output leading to short-term price drop: Nasser
- Aramco IPO is “on track” and “everything is going well”
Saudi Arabian Oil Co. CEO Amin Nasser
Photographer: Jason Alden/BloombergThis article is for subscribers only.
The global oil market is moving closer to balance even as increases in U.S. oil production push prices down in the short-term, Saudi Arabian Oil Co. Chief Executive Officer Amin Nasser said.
“This is not a good indication of where the market is likely to be headed going forward, as the large new production capacity and investment we will need in the future are lagging,” Nasser said during an event at Columbia University in New York Friday. “While the short-term market is pointing to a surplus of oil, the supply required in the coming years is falling behind.”