Oil demand is expected to exceed 100 million barrels per day (bpd) in 2022, Saudi Aramco Chief Executive Officer Amin Nasser told the Nikkei Global Management conference in Japan on Tuesday.

Global oil spare production capacity could diminish next year as air passengers return to the skies, removing an important cushion that the market is currently enjoying, Nasser warned.

He added that a pick-up in jet fuel demand, currently lagging some 3 million bpd behind 2019's 7.5 million bpd mark, will eliminate all the spare capacity.

Spare capacity is an important buffer for the oil market as it allows producers to quickly respond to unplanned outages that could tighten the market and cause big fluctuations in prices.

Aramco announced in October that it planned to raise oil production to a maximum sustainable capacity of 13 million bpd by 2027.

The company's earnings rose 158 percent year on year in the third quarter on higher oil prices and volumes sold as the global economy recovered, it announced in the earnings statement late last month.

In the statement, Aramco said its total hydrocarbon production was the equivalent of 12.9 million bpd, including 9.5 million barrels of crude. The company is committed to being a carbon net-zero enterprise by 2050.

Aramco said that it has expanded an investment program partly focused on sustainability and would be "targeting new opportunities to achieve carbon footprint reduction."

Saudi Arabia, one of the world's biggest polluters as well as the top oil exporter, has pledged to achieve net-zero carbon emissions by 2060.

(With input from Reuters, AFP)