Aramco CEO: We're seeing strong oil demand from developing countries, Asia and the U.S.

Demand & Supply Fundamentals - The industry anticipates healthy and strong demand fundamentals, with demand growth of approximately 1.1% to 1.3% million barrels per day this year and almost the same in 2026 [1] - Demand is strong, especially from developing countries and Asia, and is reflected in the call for supply [2][3] - Despite the growth of electric vehicles in China, the internal combustion fleet remains huge, and other sectors like aviation (growing by almost 8% to 9%) and liquid to chemicals are offsetting any decrease in oil consumption [4] - Oil is shifting to chemicals, with growth of 500,000 to 700,000 barrels per day to supply carbon fiber for electric vehicles, solar panels, and turbines [5] - The industry believes oil and gas will continue to grow for decades to come, reflected in record years [5] Production & Sanctions - Russia exports close to 7 million barrels per day, including 4.5 to 5 million barrels of crude and 2 to 2.5 million barrels of products [7] - Saudi Arabia's production targets are based on the OPEC+ agreement, with decisions made by the Ministry of Energy to stabilize the market [8] Investment & Capital Expenditure - The company's capital expenditure guidance for this year is $52 to $58 billion, with $100 billion of construction currently underway [10] - Most of the capital is allocated to maintaining crude capacity of 12 million barrels per day and growing gas production by more than 60% by 2030 [11] - The company is investing in gas growth, partnerships, and minerals, including lithium, with the first processing plants expected by 2027 [12] - Oil investment is down by almost 20%, and final investment decisions for oil projects are down by almost 35% [13] - Maintaining current production of over 100 million barrels per day requires substantial capital investment due to a decline of close to 6 million barrels per day [14] Energy Transition & Renewables - Renewables, despite almost $11 trillion invested, have only created 15 million barrels of oil equivalent, which is not enough [16] - The power requirement for data centers by 2030 is almost four times that of all electric vehicles, indicating a substantial energy demand [15]