Saudi Aramco’s chief executive said global oil consumption is on course to grow by about 1.1–1.3 million barrels a day this year, taking demand to roughly 105.8 million barrels a day in 2025. He added that second-half demand is running more than 2 million barrels a day above the first-half average, underpinned by higher gasoline and jet-fuel usage in the United States and China. Despite geopolitical tensions and the recently imposed 145% U.S. tariff on Chinese goods, the executive described market fundamentals as “very healthy,” noting limited impact from trade measures on crude consumption. Aramco continues to prioritise investment in Asia and said it has several transactions in the pipeline, including projects in China, as it seeks to ensure reliable supplies. Reflecting its upbeat outlook, the company raised its official selling price for Arab Light crude to Asia by $1 a barrel, setting September cargoes at $3.20 a barrel above the Oman/Dubai benchmark. The premium for U.S. buyers was increased by $0.30 to $4.20 a barrel over the Argus Sour Crude Index. Official data released a day after the remarks reinforced the bullish tone: U.S. crude inventories fell 3.0 million barrels in the week ended 1 August, compared with expectations for little change. Gasoline and distillate stocks also declined, while stocks at the Cushing, Oklahoma hub edged higher, indicating a tightening balance in key refined products even as refinery utilisation climbed.