Chinese oil demand is likely to remain solid through the fourth quarter of 2020 and first quarter of 2021, as its economy continues to grow while the rest of the world is in negative territory, said Ibrahim Al-Buainain, President and CEO of Aramco Trading Co.

 

The lower output from refineries is a signal for OPEC+ that lower demand does not allow for increased production in January 2021, he told Gulf Intelligence, adding it is hard to predict the future amid continued low inventories.

 

Earlier, Saudi Aramco CEO Amin Nasser said that “the worst is definitely behind us” for the oil market, as global oil demand is recovering and is currently at 90 million barrels per day.

 

He added that oil demand in China is almost back to its pre-COVID-19 level.

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