Aramco CEO Says Oil Demand Is Strong, Recent Selloff an Overreaction
- Saudi oil giant sees demand “north of 106 million b/d” in 2025
- “Robust” oil use points to “fairly healthy” market: CEO
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The selloff in global oil markets on perceived bad economic news was overdone because demand remains strong, according to top crude exporter Saudi Aramco.
Brent crude dropped to almost $75 a barrel on Monday, alongside a rout in global stock markets, after a weaker-than-expected US jobs report sparked fears of a recession. Prices stabilized on Tuesday but remained near the lowest level since January.