“The demand in China is very high,” Saudi Aramco CEO Amin Nasser said in a March 1 interview with Bloomberg. He added that in Europe and the United States, demand is also “excellent”.About 60% of Saudi Arabia’s crude oil exports are destined for Asian markets, most of which are governed by long-term contracts, the prices of which are revised monthly.Although oil futures have weakened this year, many experts believe they may soon hit $100 a barrel as China’s economy recovers from the coronavirus and inflation slows elsewhere.Earlier, Saudi Energy Minister Abdulaziz bin Salman Al Saud said OPEC+ would not increase production levels until at least the end of 2023.
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