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Oil Market Balanced But Spare Buffers Run Low, Says Aramco

  • CEO Nasser says investment needed to smooth price volatility
  • Companies are shunning oil and gas projects, according to CEO
Crude oil storage tanks at Saudi Aramco's Ras Tanura oil refinery and terminal at Ras Tanura, Saudi Arabia.

Crude oil storage tanks at Saudi Aramco's Ras Tanura oil refinery and terminal at Ras Tanura, Saudi Arabia.

Photographer: Simon Dawson/Bloomberg
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Oil markets are balanced but companies need to invest more in production to meet rising demand and prevent even higher price volatility, Saudi Aramco’s chief executive officer said.