KUALA LUMPUR, June 26 (Reuters) - Saudi Aramco (2222.SE) believes market fundamentals remain "sound" for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday.
"Overall, we believe that oil market fundamentals remain generally sound for the rest of the year," said Nasser, who heads the world's largest oil company.
"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," he told the conference.
Although China faces economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth, he added.
Looking ahead, Vitol said oil demand could peak around 2030.
Persons:
Amin Nasser, Nasser, Daniel Yergin, Russell Hardy, Sazali Hamzah, Petronas, Vitol, Hardy, Muyu Xu, Florence Tan, Christopher Cushing, Himani Sarkar, Conor Humphries
Organizations:
Saudi Aramco, Energy Asia, Petronas, Brent, Organization of, Petroleum, P Global, Vitol, EV, Thomson
Locations:
KUALA LUMPUR, Saudi, China, India, Kuala Lumpur, Malaysia, Russia, Iran, Saudi Arabia