Aramco CEO warns 1 billion barrels lost will slow oil market recovery
Amin Nasser said the East-West Pipeline is running at full capacity as about 1 billion barrels were lost to shipping disruptions.
- Saudi Aramco reported a first-quarter net profit of $33.6 billion, a 26% increase from last year, surpassing analysts' expectations due to higher oil prices amid Middle East tensions.
- Brent crude oil prices surged over 43% in March after Iran effectively closed the Strait of Hormuz following US and Israeli attacks, impacting global supply.
- The company used its East-West pipeline at maximum capacity of 7 million barrels per day to redirect exports and mitigate shipping disruptions caused by the strait's closure.
- Aramco's CEO Amin Nasser highlighted the company's resilience and operational flexibility in managing complex geopolitical challenges.
111 Articles
111 Articles
Aramco Sees Slow Oil Market Recovery after Shock Supply Loss
The oil market will take months to normalize even if flows through the Strait of Hormuz resumed today, as 1 billion barrels of oil have been wiped off the supply balance over the past two and a half months. That’s the verdict on the global oil markets of Amin Nasser, chief executive officer of Saudi Arabia’s state oil giant and the world’s single largest crude oil exporter, Saudi Aramco. “Reopening routes is not the same as normalizing a market …
Hormuz Oil Crisis: 1,000,000,000 Barrels Have Vanished From the Global Market Due To Iran War — Pakistan Has Only 20 Days of Supply Left
Up to 1 billion barrels of oil supply have been removed from the global market. The Strait of Hormuz has been effectively closed for two months. Morgan Stanley estimates 4.8 million barrels of oil per day were pulled from global trade between March 1 and April 25. Brent crude is now trading above $103 per barrel. U.S. gasoline averages $4.52 per gallon, with some California stations charging over $8. Pakistan — the country mediating the U.S.-Ira…
Iran's blockade of the Strait of Hormus costs the world economy one billion barrels of oil. Saudi Aramco increases profits by 25 percent – and warns of years of instability.
Saudi: Aramco sees 25 pc more profit after shifting exports from Hormuz
Aramco, the world’s largest oil company, said on Sunday, May 10, its first quarter profit jumped 25 per cent as the Iran war disrupted oil supplies and raised prices. Dhahran, Saudi Arabia-based Aramco said it successfully shifted some oil exports to a pipeline to avoid the Strait of Hormuz, which has been disrupted by the war. On Sunday, the price of Brent crude, the international standard, rose 2.58 per cent to to USD 103.91 per barrel. That’s…
The Saudi state oil company Saudi Aramco posted higher profits in the first quarter thanks to sharply rising oil prices caused by the war in the Middle East. However, the Iran war is disrupting Saudi Aramco's exports, as the Strait of Hormuz is almost completely closed to oil tankers. Saudi Aramco is therefore transporting oil via a pipeline to the Red Sea to export from there.
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