Dhahran- Amin Nasser, president and chief executive officer of Saudi Arabian Oil Company (Saudi Aramco), affirmed that the company is committed to crude oil projects and to reinforcing prime businesses in chemicals.

The long-term vision of oil and gas markets is positive, and strategic investments are urgent to fulfill the global future demand on energy, Nasser said at the Columbia University’s Global Energy Summit.

“In the short term, the oil market has a surplus but supplies are falling behind what will be required in coming years,” he added.

Nasser added that encouraging investments is not the responsibility of major oil producers, especially that several long-term projects are still suspended although prices revived recently. He noted that the imminent shortage of supplies will have a tangible effect.

“The future market situation will be increasingly on firmer grounds, though volatility could continue until the rebalancing takes firmer hold and inventory withdrawals assume a more consistent trend,” he said.

He added that the company will continue to encourage investments and reinforce businesses in the oil and gas fields, going in tandem with the company’s long-term vision regarding energy investments and Saudi Vision 2030.

Nasser pointed out that this strategy includes doubling gas production during the coming ten years to reach 23 billion cubic feet per day, in which the kingdom has the highest level of gas usage in utilities sector among the G20s.

“We are working on expanding processes of refining, treating and marketing. We also aim at increasing international capability of Aramco in the refining sector from 8 million bpd to 10 million bpd,” Nasser added.

His speech focused on basic topics and affairs where policies of energy, financial markets, environment and geopolitical considerations intersect.