Saudi Aramco shares rose to an all-time high after the chief executive officer of the world’s biggest energy company said oil demand continues to rebound from the pandemic, including in its main market of Asia.
The stock gained as much as 6.6% to a record 40.2 riyals, before paring gains to 4.2% as of 12:15 p.m. in Riyadh.
“With the global recovery we’re seeing today, there is more demand for products and we see that from different enclaves, especially in Asia,” CEO Amin Nasser said during a speech in Riyadh, Saudi Arabia’s capital. “There’s some pick up in the rest of the world.”
Crude prices have surged around 20% this year to more than $90 a barrel with consumption increasing and many major producers struggling to boost supply. Several traders believe prices will soon hit $100.
No comments:
Post a Comment