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Saudi Aramco CEO says global oil demand needs to rise by at least 2mln BPD over the next 18 months to draw down current inventories

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Aramco’s CEO says demand must rise at least 2 million barrels per day over 18 months to draw down inventories; the report also describes export routes and a hypothetical Brent price.

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Co. makes extensive use of ship-to-ship transfers. Co. continues to export via Yanbu, Sidi Kerir and Port Said. CEO says oil demand is recovering and inventories need replenishment. CEO says Brent could have reached USD 200/bbl without east-west oil pipelines.

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