Amin Nasser, CEO of the Saudi oil and gas state company Aramco, said that the increase in oil production is complicated by the lack of spare production capacity, which accounts for only 1.5% of global demand. Nasser stressed that the availability of additional production capacity is not the responsibility of Saudi Arabia alone, and spare capacity accounts for 1.5% of global demand. However, oil market participants do not focus on the fact that the capacity to increase oil production in the world is very small. According to Nasser, the market is focused only on what will happen to demand in the event of a recession in different parts of the world, and not on the fundamentals of supply. The head of Aramco also expressed confidence in the company's ability to maintain its market in Asia, despite the increased demand in Europe, since the Asian market accounts for 60% of its energy supplies. A meeting of OPEC+ ministers is due to take place today: the meeting will be held offline for the first time since March 2020. It is expected that the alliance will reduce production by at least 500 thousand barrels per day, and this figure may even reach 1 million barrels. In this case, it will be the biggest reduction and will reflect the degree of concern of oil-producing countries about the slowdown in the global economy.
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