Global oil demand in the first quarter of 2025 amounted to a record 104.3 million barrels per day (bpd), 1.7 million bpd higher than in the same period of 2024. Amin Nasser, head of Saudi Aramco, the Saudi oil company, said in a teleconference with investors.

“Despite the current volatility, oil market fundamentals remain strong. In the first quarter of 2025, oil demand totaled a record 104.3 million bpd, 1.7 million bpd more than in the first quarter of 2024,” he said.

Nasser added that the volume of oil refining in the world was also at record levels in the first quarter.

At the same time, the head of Saudi Aramco drew attention to the decline in production growth in “non-OPEC” countries and the volume of oil reserves, which, according to his assessment, are at their lowest level in five years. By the end of the first quarter, Nasser said, global oil inventories would have been sufficient for only 40 days of consumption. “This all adds to supply risks, especially at the peak of the high road transportation season,” he added.