Saudi Arabia’s state oil giant Aramco will benefit from Monday’s decision by OPEC+ to proceed with a planned April oil output hike, it’s chief executive said on Tuesday.
The market is cyclical and the upside is with Saudi Aramco as it is sitting on 3 million barrels of spare capacity “that can be activated in a matter of weeks to the market when needed,” Amin Nasser said on a call shortly after the company released its 2024 results.
(Reporting by Yousef Saba and Maha El Dahan in Dubai; Editing by Nadine Awadalla)