Growth in oil demand in the future will come outside of the OECD, mostly from the large Asian economies that are China and India. Large state-owned companies like Saudi Aramco are looking beyond simply securing long-term supply contracts with consumers for their oil. They are deepening the integration of their supply chains.
Agenda 2030 - driving continued revenues in global hydrocarbons
The hydrocarbon sector faced renewed challenges in 2020. The new decade began with fears about the impact of the coronavirus, the China-US trade deal and tensions in the Middle East. Massive new regulations reducing ship emissions also came into force.