{"id":6889,"date":"2023-08-07T12:39:22","date_gmt":"2023-08-07T12:39:22","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=6889"},"modified":"2023-08-07T12:39:23","modified_gmt":"2023-08-07T12:39:23","slug":"aramco-supplies-remain-adequate-despite-oil-production-cuts-ceo","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/6889\/","title":{"rendered":"Aramco supplies remain adequate despite oil production cuts &#8211; CEO"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; Saudi Aramco&#8217;s\u00a0CEO Amin Nasser said on Monday that the company&#8217;s supplies to customers remain adequate even with recent voluntary oil production cuts by the kingdom, adding that global demand remained resilient despite economic headwinds.<\/p>\n\n\n\n<p>Saudi Arabia last week decided to\u00a0extend a voluntary oil output cut\u00a0of one million barrels per day for another month to include September, and said it could be extended beyond that or even deepened.<\/p>\n\n\n\n<p>&#8220;We still have adequate supply to satisfy our customers,&#8221; Nasser said on Monday.<\/p>\n\n\n\n<p>Oil futures are now at their highest since mid-April after Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global markets further. Brent was trading around $86 a barrel on Monday.<\/p>\n\n\n\n<p>Aramco\u00a0reported on Monday\u00a0a near 38% drop in second-quarter net profit on the back of weaker oil prices and thinner refining and chemicals margins.<\/p>\n\n\n\n<p>Despite the economic challenges, Aramco has seen positive signals that global demand remains resilient and that Chinese demand will continue to grow, Nasser told reporters on a media call.<\/p>\n\n\n\n<p>&#8220;There is still a lot of mileage for China and the economy (to pick) up,&#8221; he said, adding that the aviation sector was at 85% compared to pre-pandemic levels, indicating room for growth.<\/p>\n\n\n\n<p>On the Durra shared offshore field with Kuwait, Nasser said plans were going ahead.<\/p>\n\n\n\n<p>&#8220;Durra field is going as planned with the Kuwaitis, (with) no issue at this stage in terms of&#8230; the engineering and development,&#8221; he said.<\/p>\n\n\n\n<p>Saudi Arabia and Kuwait claim exclusive joint rights to the field. Iran also claims a stake, and says a Saudi-Kuwaiti agreement to develop it that was signed last year is illegal.<\/p>\n\n\n\n<p>Both countries\u00a0renewed calls\u00a0for Iran to negotiate on the demarcation of the eastern border of the Gulf&#8217;s maritime &#8220;Divided Area&#8221; last week. They say they want to negotiate with Iran together.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-08-07T12:39:23+00:00\"> 7 August 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; Saudi Aramco&#8217;s\u00a0CEO Amin Nasser said on Monday that the company&#8217;s supplies to customers remain adequate even with recent voluntary oil production cuts by the kingdom, adding that global demand remained resilient despite economic headwinds. Saudi Arabia last week decided to\u00a0extend a voluntary oil output cut\u00a0of one million barrels per day [&hellip;]","protected":false},"author":1,"featured_media":6890,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,18,36,19,16],"tags":[],"services":[],"class_list":["post-6889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-headline","category-lastnews","category-news","category-oil"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=6889"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/6889\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/6890"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=6889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=6889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=6889"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=6889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}