Saudi Oil CEO: I Don't See Demand Bouncing Back

oil saudi oilfield

While it’s fashionable to bet on a strong recovery, you can count out Saudi’s oil company, Aramco–for now. 

The national oil company reduced its production by 4 million barrels of oil per day last year when prices sank. While the price of oil has bounced back, it has no plans to start pumping that oil again in 2010, Bloomberg reports

The CEO, Khalid al-Falih, said “I don’t expect a major shift in demand unless we see an acceleration of the economic recovery, which is not yet apparent.” If that happens, then he’ll start pumping more oil.

Despite the slowdown, the company is still investing. It expects to spend $90 billion over the next five years developing new reserves and refieneries. It’s even investing in solar power. Al-Falih said he wants to put in 10 MW of solar power in the next 2-3 years.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.