Saudi Aramco believes oil market fundamentals remain solid for H2 2023 | Forexlive

I had the headlines on this on Monday:

The comments were from the Saudi oil giant’s CEO Amin Nasser:

• “Overall, we believe that oil market fundamentals remain generally sound for the rest of the year”
• “Despite the recession risks in several OECD countries, the economies of developing countries, especially China and India, are driving healthy oil demand growth of more than 2 million barrels per day this year”

The CEO of the globe’s largest independent oil trade, Vitol, also sees strong fundamentals ahead, for the next quarter or so, but cautions forecasting prices is fraught due to uncertainties over Russian supply and Chinese demand:

• “so far this year is the supply side has slightly overperformed, particularly Russia, where there were expectations of production loss as a result of the difficulty getting oil to market because of the sanctions”
• says oil demand could peak but not until around 2030