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Aramco warns China reopening will wipe out spare oil reserves

Tie, Accessories, Accessory REUTERS/Daniel Kramer
Saudi Aramco is on track to increase its capacity to 13 million barrels a day from 12 million by 2027, says Nasser.

The spare capacity of oil-producing nations will be wiped out the moment China ends its ‘zero-COVID strategy’, Saudi newsapper Arab News reported, citing Saudi Aramco president and CEO Amin Nasser.

The spare capacity stands at 1.5 percent of global demand, he said at the Energy Intelligence Forum in London, adding this will be used up the moment China’s economy opens up from COVID-19 restrictions.

The Saudi-listed oil giant is on track to increase its capacity to from 12 million barrels a day to 13 million by 2027.

He warned that alternatives to oil and gas were not ready, but measures should be taken to decarbonise oil and gas, develop carbon capture and storage technology.

Nasser said that Europe’s primary problem now is related to gas and liquified gas due to the lack of spare capacity.

Meanwhile, Saudi Aramco is planning to begin gas exports, including blue hydrogen, and talks are presently going on with customers in East Asia, Japan, and South Korea. 

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