Saudi Aramco Chief Executive Amin Nasser said his company will continue to invest in upstream and downstream sectors, expecting an upwards adjustment in oil prices to begin by the end of 2016.
Nasser said the Saudi oil giant is looking to expand its downstream investments in China, Malaysia, India, Vietnam and Indonesia. He was speaking at the China Development Forum in Beijing on Monday.
“The gap between supply and demand is shrinking,” Nasser said. “It is our estimate that by the end of the year, the price will start to adjust upward.”
Nasser said, however, he doubted prices would reach the higher levels of 2014 and 2013.
By Matthew Miller and Beijing Monitoring Desk
Source: Reuters
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