The CEO of Saudi Aramco stated that he has full confidence in China after the stimulus measures were introduced. Bloomberg reported on this topic on the 21st that Saudi Aramco CEO Nasser said at the Singapore International Energy Week meeting that Saudi Aramco is optimistic about China's oil consumption after the government launched a series of stimulus measures aimed at reviving Asia's largest economy. Nasser reiterated Saudi Aramco's goal in his speech, which is to increase its production capacity of converting liquid raw materials into chemical products to 4 million barrels per day, with a focus on China. He pointed out that China is a great market, and the demand for aviation fuel is a major highlight. "We are investing together with our partners. He added that the company is preparing multiple investment plans. Bloomberg reported that at the time of Nasser's remarks, some market commentators believed that with the rapid electrification of passenger cars, China's demand for fuels such as gasoline and diesel has reached or is about to reach its peak. According to reports, in recent months, some truck transportation industries in China have increased their orders for commercial vehicles using liquefied natural gas, paving the way for replacing oil with clean fuels. However, Nasser still stated that Saudi Aramco expects global daily oil demand to still exceed 100 million barrels by 2050, and pointed out that with economic expansion and rising living standards, oil demand in the "global South" will increase significantly. Bloomberg reported that according to Saudi Aramco's forecast, global daily oil consumption this year will reach 104.5 million barrels, higher than the International Energy Agency's estimate of 102.8 million barrels. Nasser said, "Most analysts believe that even if the growth of global oil demand stops at some point, overall demand is not expected to suddenly decline, and there may be a long-term stagnation after this stage." Bloomberg reported that the International Energy Agency stated last week that as the world enters the "electricity age," demand for all fossil fuels will stop growing within this decade. Nasser expressed his views on energy transition, stating that there is a gap between predictions and reality. According to Singapore's Asia News Channel, Nasser pointed out that the recent growth in clean energy investment has almost entirely come from developed economies and China, and "the global South cannot afford large-scale investment in new energy, especially when many countries are just starting their development journey". He stated that forcing them to accept an unfeasible and unaffordable energy transition plan would only threaten their economic progress and even social cohesion. Nasser also stated that the world should focus on developing new energy and low-carbon technologies so that one day they can compete in terms of price and performance. Saudi Aramco's cooperation with China also includes low-carbon transformation, not limited to petroleum and petrochemical products. In September of this year, China National Building Materials and Saudi Aramco reached a five-year cooperation framework agreement aimed at exploring and working together to promote development opportunities in advanced materials and industries. It is reported that the two sides have reached a consensus on multiple potential areas of cooperation, including establishing production bases within Saudi Arabia, producing advanced non-metallic materials, low-carbon building materials, and developing energy storage technology solutions. In recent years, Middle Eastern countries including Saudi Arabia have highlighted economic transformation in their development strategies and increased cooperation with China. At the first Global Logistics Forum held in Riyadh on the 13th, Saudi Arabia's Minister of Transport and Logistics Services, Saleh, announced an important initiative: the establishment of the Saudi China Special Economic Zone, focusing on the development of the three major industries of manufacturing, logistics, and trade, with the aim of further strengthening the economic and trade cooperation between Saudi Arabia and China. (New Society)
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