Aramco sees oil demand rising over the next few years

Saudi oil company Aramco believes that the market is wrong about the short- and medium-term trend in world oil demand. It expects world oil demand to reach 104.7 million barrels per day in 2024 and 106 million barrels per day in 2025. Chinese demand for oil is expected to develop favourably in the second half of 2024, reaching 17.5 million barrels per day, an increase of 700,000 barrels per day compared to the second half of 2023. Although the Chinese economy is slowing down, demand for kerosene and petroleum derivatives for petrochemicals is growing significantly, offsetting the fall in demand in other sectors.