Last week, the International Energy Agency said Europe would be at the mercy of big oil producers like Saudi Arabia this winter due to a sharp drop in Russian gas imports. US President Joe Biden has also pressured the Kingdom to increase production.
Mr Nasser warned that capacity remained constrained as demand increased after a period of low investment in the industry.
“With the easing of Covid restrictions in China, this will add to demand. . . the aviation industry will also increase demand,” he said.
Aramco is almost wholly Saudi-owned, but listed a small percentage of shares on the Saudi Stock Exchange in 2019, allowing investors to buy a stake in the company.
He is worth around $2.4 billion, with shares up more than a quarter this year. The company kept its dividend unchanged at $18.8 billion.
Mr Nasser said investing in expanding oil production was “essential” as demand continues to grow.
In March, Armaco pledged to increase its investments by around 50% this year. He said he would raise capital spending to $40-50 billion, with further growth expected through the middle of the decade.
“While there is a very real and present need to preserve security of energy supplies, climate goals remain essential, which is why Aramco is working to increase production from multiple energy sources – including oil and gas, as well as renewables and blue hydrogen,” said Nasser.
The company is looking to work with partners to invest in carbon capture, renewable energy and hydrogen production as part of its goal to achieve net zero carbon emissions by 2050.
Aramco made $87.9 billion in the first six months of the year, nearly topping its pre-pandemic annual profit in 2019. It is using its record cash to reduce debt and invest in capacity expansion maximum oil production of one million barrels per year. day at 13 million.
Third Bridge’s Peter McNally said, “Aramco foresees future growth across all of its businesses – upstream, downstream and in renewables – and is investing accordingly.
“Compared to shareholder-controlled global oil majors like ExxonMobil, Shell and Chevron, Saudi Aramco not only has more capital at its disposal, but the company has more flexibility in how it deploys it.”