Saudi Aramco to maintain borrowing for growth; debt remains lowest among peers: CEO

Saudi Arabian Oil Co. (Saudi Aramco) is targeting more borrowing to finance growth and better leverage its balance sheet, CEO Amin Nasser said, adding that the oil giant will continue to tap bond markets moving forward.

In an interview with Bloomberg TV, the top executive indicated that the company’s debts currently amount to nearly 5%, which is still among the lowest in the industry.

Nasser also stated that he adopts an upbeat outlook for the oil market as fundamentals continue to be strong, highlighting that demand rose by 1.4 million barrels per day in the first quarter of 2025 and is continuing its growth.

Aramco, which has one of the lowest levels of crude extraction costs globally at about $3 per barrel, can withstand a period of low prices, said Naser.

He also pointed out that tariffs have had some impact on the global economy and investor sentiment. “However, the fundamentals continue to be strong, as we believe that this will continue in the foreseeable future,” he said.

According to Argaam’s data, Aramco announced earlier this week plans to issue international bonds under its US-denominated Global Medium Term Note Programme.

The net proceeds from each bond issuance will be used by Saudi Aramco for general corporate purposes or any other purpose specified in the final terms for a series of bonds. Reuters also reported that Aramco set the price of its three-part bonds at $5 billion.