"Oil Market Tightness and Red Sea Risks: CEO Predictions and Surprises"

Amin Nasser, CEO of Saudi Aramco, predicts that prolonged attacks by the Houthis in the Red Sea could lead to a shortage of tankers due to longer voyages and supply delays, impacting global oil markets. He expects global oil demand to grow by 1.5 million barrels per day in 2024, tightening the market further as stocks have been depleted. Nasser sees OPEC's spare capacity as the main source to meet rising demand, and highlights the risks posed by Red Sea disruptions while expressing optimism about the healthy demand in China.