Saudi Aramco announced Q2 results on Sunday. Huge revenues, huge profits is the TL;DR summary.
As part of the announcement were comments pertinent to their outlook:
- will reduce debt and invest in a vast expansion of its production capacity
- “expects oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts”
- oil demand globally continues to be healthy
- if aviation fuel demand picks up to pre-pandemic levels “that will put a lot of tightness in the market”
- would have no problem producing 12 mn barrels a day if asked to by the Saudi government
- working towards increasing crude oil maximum sustainable capacity from 12 mn bbls/day to 13 mn (by 2027)
This article was originally published by Forexlive.com. Read the original article here.