{"id":54448,"date":"2025-10-13T05:08:42","date_gmt":"2025-10-13T09:08:42","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/aramco-ceo-projects-robust-oil-demand-amid-soaring-data-center-energy-needs-gaza-peace-summit-convenes-without-israeli-pm\/54448\/"},"modified":"2025-10-13T05:08:42","modified_gmt":"2025-10-13T09:08:42","slug":"aramco-ceo-projects-robust-oil-demand-amid-soaring-data-center-energy-needs-gaza-peace-summit-convenes-without-israeli-pm","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/aramco-ceo-projects-robust-oil-demand-amid-soaring-data-center-energy-needs-gaza-peace-summit-convenes-without-israeli-pm\/54448\/","title":{"rendered":"Aramco CEO Projects Robust Oil Demand Amid Soaring Data Center Energy Needs; Gaza Peace Summit Convenes Without Israeli PM"},"content":{"rendered":"<p>Saudi Aramco ((\/stock\/2222)) CEO Amin Nasser delivered an optimistic outlook on global oil demand, projecting significant growth for both the current year and the next. Nasser stated that oil demand is expected to increase by approximately <strong>1.1 million to 1.3 million bpd<\/strong> this year, with a further rise of <strong>1.2 million to 1.4 million bpd<\/strong> anticipated for next year. This forecast underscores the company&#39;s belief in the enduring strength of the oil market despite ongoing global energy transitions.<\/p>\n<p>The CEO&#39;s comments reinforce earlier projections from the company, which saw global oil demand reaching a record high of <strong>104.3 million bpd<\/strong> in the first quarter of 2025, marking a 1.7 million bpd increase year-on-year. Growth is primarily fueled by robust consumption in Asian markets, particularly China and India, alongside strong demand from the petrochemical and jet fuel sectors. The potential resolution of US-China trade disputes could also provide additional impetus to demand.<\/p>\n<p>In a strategic move, Saudi Arabia&#39;s Ministry of Energy has directed Aramco to maintain its maximum sustainable crude oil production capacity at <strong>12 million bpd<\/strong>, rather than proceeding with a previously planned expansion to 13 million bpd. Despite this decision, Nasser affirmed Aramco&#39;s operational flexibility, noting the company can efficiently scale up to its 12 million bpd capacity when required, with low marginal costs. This capability could generate an additional operating income of up to <strong>$12 billion<\/strong> for each extra million bpd produced, based on average 2024 prices.<\/p>\n<p>Looking beyond traditional energy, Nasser also drew attention to the burgeoning energy demands of the digital economy, specifically from data centers. He warned that data centers could consume up to <strong>four times the power of the global electric vehicles fleet by 2030<\/strong>. This surge is largely attributed to the rapid expansion of artificial intelligence (AI) workloads, which require immense computing power and cooling. Reports from the International Energy Agency (IEA) corroborate this, anticipating that global data center electricity demand will more than double to approximately <strong>945 terawatt-hours (TWh) by 2030<\/strong>, up from 415 TWh in 2024. Some analyses suggest US data centers alone could account for <strong>4.6% to 9.1% of the nation&#39;s electricity by 2030<\/strong>.<\/p>\n<p>Meanwhile, a critical international peace summit focused on the Gaza conflict is taking place in Sharm el-Sheikh, Egypt. US President <strong>Donald Trump<\/strong> and Egyptian President <strong>Abdel Fattah al-Sisi<\/strong> are co-hosting the event, which aims to finalize an agreement to end the war and foster regional stability. Notably, Israeli Prime Minister <strong>Benjamin Netanyahu<\/strong> is not attending the summit, despite the presence of over 20 world leaders, including Palestinian Authority President <strong>Mahmoud Abbas<\/strong>, French President <strong>Emmanuel Macron<\/strong>, Turkish President <strong>Recep Tayyip Erdo\u011fan<\/strong>, and UK Prime Minister <strong>Keir Starmer<\/strong>. Neither Israel nor Hamas were formally invited or are sending representatives.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Aramco ((\/stock\/2222)) CEO Amin Nasser delivered an optimistic outlook on global oil demand, projecting significant growth for both the 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