Saudi oil executive says global oil demand could increase if tariff disputes are resolved [Video]

Saudi oil giant Aramco, a longtime cash cow for the kingdom, expects oil demand to remain resilient this year and sees further upside if the U.S. and China successfully resolve their trade dispute.

Washington and Beijing agreed to temporarily slash reciprocal tariffs earlier on Monday, in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

“We expect demand will continue to be steady and growing compared to 2024, and if the whole issue around tariffs is resolved — that also will add to additional demand that will be seen from the market,” Aramco CEO Amin Nasser said in a post-earnings conference call on Monday.

Aramco, the world’s top oil exporter, reported a 4.6% drop in first-quarter profit on Sunday due to lower sales and higher operating costs as economic uncertainty hit …