Spare capacity in the oil market will shrink significantly next year as travel rebounds and due to a lack of investment among producers, according to Saudi Aramco.
Surplus capacity is the equivalent of 3 million to 4 million barrels a day and will drop as demand for jet fuel increases, Chief Executive Officer Amin Nasser said.
“The buffer might diminish, especially next year,” he said Tuesday via video during the Nikkei Global Management Forum.
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