Aramco Says Global Natural-Gas Crisis Is Boosting Oil Demand - Bloomberg
Saudi Aramco said the natural-gas crisis was already boosting oil demand and reiterated plans to increase its output capacity.
Crude consumption’s risen by around 500,000 barrels a day, according to Amin Nasser, chief executive officer of the world’s biggest oil company. That’s more than the size of a production increase agreed by OPEC+ for next month.
A shortage of gas has sent prices soaring in Europe and Asia to the equivalent of around $180 per barrel of oil, forcing some businesses to switch to crude products for their power.
“There is higher demand,” Nasser said during an Energy Intelligence forum. “There is some shift we have seen from gas to liquids, especially in certain markets in Asia.”
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