Aramco CEO on potential production hikes, global oil demand growth: Key takeaways

Aramco is ready to increase oil production to 12 million bpd if the government asks for it, says CEO.
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Updated 14 August 2022
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Aramco CEO on potential production hikes, global oil demand growth: Key takeaways

RIYADH: After reporting its highest quarterly profit since the company went public in 2019, primarily boosted by higher oil prices and refining margins, Saudi Aramco CEO Amin Nasser met the press and shared his optimistic outlook on oil demand but remained worried about the lack of investment in the sector. 

Below are the key takeaways from the discussion with the CEO:

Oil demand growth

• Oil demand growth is healthy with more demand coming from Asia. 

• Aramco is deeply concerned with the lack of investment in oil output capacity globally.

• There could be an additional 2 million barrels per day crude oil demand next year, but not sufficient capacity to meet that demand.

• The oil market could further tighten if demand for aviation fuel rises.

Production hike

• Aramco is ready to increase oil production to 12 million bpd if the government asks for it. 

• Output capacity will be increased significantly from 2025, and it will reach 15 million bpd by 2027. 

Widening the horizons

• Aramco is in talks with China’s Sinopec and others on petrochemicals and liquid-to-chemicals projects.

• Aramco plans to enhance cooperation with Chinese entities working within the Kingdom. 

• The growth of Saudi Aramco in Europe is not as good as in Asia, but still, the firm is looking for more opportunities there.

• The potential joint venture with PKN Orlen, along with the existing tri-party agreement between Aramco, SABIC, and PKN Orlen could be the next big thing for Aramco in Europe.

Sustainability and reliability

• Aramco has the lowest carbon intensity globally, as it steadily continues its journey to achieve sustainability. 
• The oil giant has 99.8 percent reliability in delivering crude to its customers. 

• Aramco has strong contingency plans. 

Ongoing projects

• The Jafurah gas project’s first phase will become operational by 2025, followed by the opening of its second phase in 2027. 

In the second quarter of 2022, Aramco’s profit surged 90 percent to hit SR182 billion ($48.4 billion), while the revenue soared 80 percent to SR562 billion. 


Over 3k flights cancelled across the Middle East after attack on Iran by the US, Israel

Updated 01 March 2026
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Over 3k flights cancelled across the Middle East after attack on Iran by the US, Israel

RIYADH: US and Israeli strikes on Iran led to widespread airspace shutdowns in the Middle East, canceling and rerouting thousands of flights and paralyzing key international travel corridors.

Flight cancellations affected seven airports across the Middle East, including Dubai and Abu Dhabi in the UAE, Doha in Qatar, and Manama in Bahrain.

Emirates Airlines said in a statement: “Due to multiple regional airspace closures, Emirates has temporarily suspended all operations to and from Dubai, up until 1500 hrs UAE time on Monday, 2 March.”

A flydubai spokesperson said the situation is evolving, and the airline is closely monitoring developments while coordinating with authorities to adjust its flight schedule.

“Our teams are working diligently to implement comprehensive welfare for all affected customers. The safety of our passengers and crew remains our highest priority,” the spokesperson said.

He added: “We are currently experiencing a high volume of calls and appreciate our customers’ patience while our teams work to assist everyone as quickly as possible.”

Qatar Airways announced that the airport will remain closed until at least the morning of March 2.

“Qatar Airways flights to, and from, Doha have been temporarily suspended due to the closure of Qatari airspace,” the airline said.

It added: “Qatar Airways will resume operations once the Qatar Civil Aviation Authority announces the safe reopening of Qatari airspace.”

Saudia also said in an official statement that it had canceled a number of flights due to developments in the region and the closure of airspace.

The organization said the decision was taken in line with aviation safety and security standards, noting that its Emergency Coordination Center is closely monitoring developments with relevant authorities.

Saudia urged passengers to verify the status of their flights before heading to the airport and said guests would be notified of updates through the contact details associated with their bookings.

The carrier added that further information would be announced in a subsequent statement if available.

Air Arabia also said its flights were experiencing cancellations, delays, or rerouting as a result of the evolving situation and airspace closures.

Airlines cited airspace closures and safety concerns as the main reasons for flight disruptions, urging passengers to check official channels for updates as the situation develops.

Israeli airspace also remained closed on March 1st. Israeli airline El Al said it was preparing a recovery effort to bring home Israelis stranded abroad once the airspace reopened.

Travelers were either stranded or diverted to other airports on Feb. 28 after Israel, Qatar, Syria, and Iran as well as Iraq, Kuwait and Bahrain, closed their airspace.

After the UAE announced a temporary partial airspace closure, FlightRadar24 recorded no flights over the country.

The closures affected key hub airports in Dubai, Abu Dhabi, and Doha. Emirates, Qatar Airways, and Etihad, airlines that operate from these hubs, normally handle around 90,000 passengers daily, with even more traveling to other Middle Eastern destinations, according to aviation analytics firm Cirium.

Airports hit by attacks

Two airports in the UAE reported incidents as the government there condemned what it called a “blatant attack involving Iranian ballistic missiles” on Feb.28.

Dubai International Airport, the UAE’s largest and one of the world’s busiest, reported four injuries, while Abu Dhabi’s Zayed International Airport said a drone attack killed one person and injured seven others. Strikes were also reported at Kuwait International Airport.

Though Iran did not publicly claim responsibility, the scope of retaliatory strikes that Gulf nations attributed to Iran extended beyond the US bases that it previously said it would target.

Flight delays, cancellations are likely to continue

“For travelers, there’s no way to sugarcoat this,” said Henry Harteveldt, an airline industry analyst and president of Atmosphere Research Group.

“You should prepare for delays or cancellations for the next few days as these attacks evolve and hopefully end,” he added.

To avoid conflict zones, airlines are rerouting Middle East flights over Saudi Arabia, adding hours and fuel costs, which could push ticket prices higher if the tensions persist.

The extra flights will strain air traffic controllers in the Kingdom, who may need to slow traffic for safety. Meanwhile, countries that closed their airspace will lose out on overflight fees from passing airlines.

Mike McCormick, former head of air traffic control at the FAA and now a professor at Embry-Riddle Aeronautical University, said some countries may reopen parts of their airspace in the coming days once US and Israeli officials provide airlines with details on military flight zones and Iran’s missile capabilities.

“Those countries then will be able to go through and say, ok, we can reopen this portion of our space but we’ll keep this portion of our airspace closed,” McCormick said.

“So, I think what we’ll see in the next 24 to 36 hours is how the use of airspace evolves as the kinetic activity gets more well-defined and as the capability of Iran to actually shoot missiles and create additional risk is diminished due to the attacks,” he added.

But it is unclear how long the disruption to flight operations could last. For comparison, the Israeli and US attack on Iran in June 2025 lasted 12 days.