Oil giant Saudi Aramco is in talks about further investment into China

Saudi Aramco CEO Amin Nasser spoke on Monday.

  • “China is an important part of Aramco’s base,”
  • “And we are currently in discussions with a number of our partners in China for more investment,”
  • declining to disclose the nature or size of potential investments

And also:

He told the conference on Monday that while oil demand globally is close to reaching pre-pandemic levels, investment in the sector is inadequate to sustain global supplies in the short to medium term. Aramco is working on boosting its maximum sustained capacity to 13 million barrels per day by 2027, Nasser told reporters, from 12 million bpd currently. “

Info comes via a Reuters report and there is more detail (at this link) if you are interested.

Oil update:

oil chart 22 February 2022

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