Aramco CEO warns 1 billion barrels lost will slow oil market recovery
Amin Nasser said reopening the strait will not quickly rebalance markets as Aramco reported a 25% rise in first-quarter profit.
- Saudi Aramco CEO Amin Nasser stated on Sunday that the world lost about 1 billion barrels of crude oil over the past two months, warning that energy markets will take time to stabilize even if shipping routes resume.
- Iran's blockade of the Hormuz Strait has curtailed shipping and driven prices higher following the United States-Israeli war; in March, Aramco warned of "catastrophic consequences" for the world's oil markets if disruptions continue.
- The world's largest oil exporter reported a net profit of $32.5 billion over three months, a 25% increase, while Aramco used its East-West Pipeline to transport crude to the Red Sea, calling it a "critical lifeline."
- "Reopening routes is not the same as normalizing a market," Nasser stated, adding that years of underinvestment have exacerbated the strain on already-low global inventories.
- Nasser reiterated that Asia remains a top priority for the company and central to global demand, stating that the longer the disruption continues "the more drastic the consequences for the global economy.
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48 Articles
The world's largest oil company has increased exports via oil pipeline that prevents narrow transport in the Middle East, disrupted by the war in Iran
Oskaloosa Herald
Saudi oil giant Aramco sees Q1 profits rise 25% by shifting exports to its East-West Pipeline
Aramco, the world’s largest oil company, reports a 25% jump in first-quarter profits. The company increased exports using a pipeline that avoids the disrupted Strait of Hormuz. On Sunday, Aramco announced a profit of $32.5 billion for the quarter ending…
The blockade of the Hormus road creates worldwide supply difficulties. Low stocks increase the burden. The world's largest oil producer Aramco shows that even a rapid reopening would not immediately normalize the market.
Saudi Aramco reports billions of oil losses due to Iranian blockade of the Strait of Hormus. bottlenecks and rising prices shape the energy market.
Aramco CEO warns oil market disruption could last into 2027 amid Hormuz crisis
The comments highlight the deepening risk for the oil market with the conflict in the Middle East now into its third month and the US and Iran showing little progress in negotiations aimed at opening flows.
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