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Saudi Aramco CEO expects higher oil demand in 2021

Dubai: Saudi Aramco’s Chief Executive expects rising oil demand in 2021, he said on Sunday, citing Chinese demand approaching pre-pandemic levels while vaccines help other economies to open up.

“We are pleased that there are signs of a recovery,” Amin Nasser told said at an earnings briefing from the Saudi oil giant.

“We expect this to continue as governments and authorities around the world reopen economies.”

Aramco on Sunday announced its intention to cut capital expenditure after reporting a 44.4% slump in 2020 net profit, hit by lower oil prices and sales as the COVID-19 pandemic depressed demand.