Saudi Arabia and state oil giant Aramco are seeking partnerships with foreign governments to expand overseas strategic oil storage capacity, as the company anticipates a significant increase in demand following the Middle East conflict.

Aramco President and CEO Amin Nasser said the kingdom was holding discussions with other countries to secure access to government-owned strategic petroleum reserves, supplementing the company's existing commercial storage arrangements.

In an interview with Al Arabiya Business on Thursday, Nasser said Aramco expected global oil demand to increase by approximately 3 million barrels per day (bpd) once regional conditions returned to normal. This would comprise an estimated 2 million bpd in additional consumption and another 1 million bpd to replenish inventories depleted during the conflict.

The company is also working to double its overseas oil storage capacity, particularly in Asia, its largest market, although Nasser did not specify a timetable or disclose its existing capacity. 

Aramco currently maintains commercial oil storage facilities in South Korea, Japan, the Netherlands and Egypt's Mediterranean export hub of Sidi Kerir.

Meanwhile, Oil prices rose again in early Asian trade on Friday, after rising 4% to a five-month high in the previous session due ​to concern of further energy supply disruption after Houthi attacks ‌on top exporter Saudi Arabia.

Brent crude futures was up 74 cents at $113.9 a barrel, while US West Texas Intermediate crude was up 82 cents, breaching the $100 mark again.