Saudi Aramco announced Q2 results on Sunday. Huge revenues, huge profits is the TL;DR summary.

As part of the announcement were comments pertinent to their outlook:

  • will reduce debt and invest in a vast expansion of its production capacity
  • “expects oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts”
  • oil demand globally continues to be healthy
  • if aviation fuel demand picks up to pre-pandemic levels “that will put a lot of tightness in the market”
  • would have no problem producing 12 mn barrels a day if asked to by the Saudi government
  • working towards increasing crude oil maximum sustainable capacity from 12 mn bbls/day to 13 mn (by 2027)
oil barrel 01 June 2022