In light of the coronavirus situation, the oil major company, Saudi Aramco reported to Reuters that the virus impacts upon oil demand will be short-lived, while the consumption is expected to increase in the second half of the year.
Although the oil prices have mark a drop this year due to the coronavirus, the Chief Executive of Saudi Aramco, Amin Nasser expressed his optimism for the oil market.
“We think this is short term and I am confident that in the second half of the year there is going to be an improvement on the demand side, especially from China. I do not think it is going to have a long-term impact” …Amin Nasser said to Reuters.
[smlsubform prepend=”GET THE SAFETY4SEA IN YOUR INBOX!” showname=false emailtxt=”” emailholder=”Enter your email address” showsubmit=true submittxt=”Submit” jsthanks=false thankyou=”Thank you for subscribing to our mailing list”]
As Saudi Aramco further informed, its staff has not evacuated China while its key marketing staff still managing the company’s business in the Asian region normally.
Overall, the US Energy Information Administration recently cut its global oil demand growth forecast for 2020 by 310,000 barrels per day (bpd) as the coronavirus outbreak impedes oil consumption in China, the world’s second biggest economy.
