Saudi Aramco expect an oil price rebound in the first half of 2017

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Amin Nasser, Chief Executive Officer of Saudi Aramco, expects crude oil prices to rise in the first six months of 2017 with demand remaining healthy following two years of low prices.

"The gap between supply and demand is closing ... Our anticipation now is that it will be balanced by the first half of 2017," Nasser said during a conference on Tuesday. "That will see an adjustment upwards in terms of prices."

Nasser reminded that the company is preparing an initial public offering (IPO) of a stake in Saudi Aramco and, according to his words, the preparations are “going very well”.

"We are in the process of preparing all segments of the company in terms of issuing our quarterly results starting hopefully next year in 2017," Nasser added.

Nasser was also speaking about climate change saying that it has pushed the remarkable transformation of the world’s energy system.

"But a successful transformation requires alternatives that are ready to reliably and economically shoulder the burden of growing world demand. Pragmatism demands that sufficient investments must continue to be made in oil and gas during the long transition," he said.