Saudi Aramco CEO Amin H. Nasser (pictured center) stated on Tuesday that he believes the demand for oil will increase "substantially," media reported. According to the official, the rise in demand will mostly be boosted by the transportation sector.
However, commenting on the different views of the oil industry, he stressed that predictions that state the end of the crude industry have not been backed by facts or logic and that they are simply a reflection of the current pressures and hype in the oil market. Nasser also noted that the theory of a peak oil demand is greatly "exaggerated."
Meanwhile, the crude prices traded mixed as West Texas Intermediate for April delivery lost 0.18%, changing hands for $55.36 per barrel at 10:14 am CET while international benchmark Brent for settlements in the same month gained 0.15% to go for $64.78 per barrel at 10:15 am CET.
