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Amir Nasser, CEO of Saudi Aramco, officially known as Saudi Arabian Oil Company, said this week that crude oil demand is expected to improve in just a few short months.

“Current demand in the market is about 94m bbl/day, our expectation by next year will be about 99m bbl/day,” Nasser said, adding that there was a good case for oil demand optimism going forward, according to  

Nasser said that  China, East Asia, and India are likely to contribute most to the demand rebound.  

On Thursday, OPEC+, a group of major producers led by Saudi Arabia and Russia, agreed to keep crude oil production steady in April, dashing hopes for a curb for an output cut in the wake of signs of global economic recovery and oil rally.  

Brent oil clocked a 14-month high of $67.74 per barrel early Friday, taking the year-to-date gain to 30%.