Aramco CEO touts financial strength, resilience

Saudi Aramco’s strong financial position is helping the energy giant sustain investments and withstand market shocks amid an unprecedented crisis triggered by the regional war, President and CEO Amin Nasser has said.

In an interview with Al Arabiya Business, Nasser said the crisis had removed around 3 billion barrels of oil from the market, intensifying pressure on global energy supplies. He said strategic reserves and Saudi Arabia’s East-West pipeline had helped prevent oil prices from rising further.

The pipeline’s capacity has increased from around 2 million to 7 million barrels per day, allowing Saudi Arabia to transport crude to the Red Sea and bypass the Strait of Hormuz.

Nasser forecast that global oil demand could rise by around 3 million barrels per day after the crisis eases, with about 2 million barrels coming from increased consumption and another 1 million from efforts to replenish depleted inventories.

He said more than 90 per cent of materials needed to restore operations were sourced domestically, while local content accounted for around 70 per cent, helping Aramco accelerate repairs and maintain operational continuity.

The company is also using digital technologies, including drones and data analytics, to assess damage, support firefighting and speed up the restoration of facilities, Nasser said.