Aramco CEO: World has lost one billion barrels of oil in two months; market recovery will take time even if flows resume
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RIYADH, May 10 (Saudi Arabia Breaking News) – The world has lost approximately one billion barrels of oil over the past two months due to shipping disruptions at the Strait of Hormuz, and energy markets will time to stabilize even if flows resume, Saudi Aramco Executive Amin Nasser warned on Sunday, as the company reported a 25% jump in first – quarter net profit.
“Our objective is simple: keep energy flowing, even when the system is under strain” – AMIN NASSER, CEO, SAUDI ARAMCO, IN A STATEMENT TO REUTERS.
Global energy supplies have been sharply squeezed by Iran’s blockade of the Strait of Hormuz, which has curtailed shipping and driven prices higher since the start of the U.S. – Israeli war.
“Reopening routes is not the same as normalizing a market that has been deprived of about one billion barrels of oil. Years of underinvestment have compounded the strain on already – low global inventories” – AMIN NASSER, CEO, ARAMCO
Aramco has activated its East – West Pipeline to bypass Hormuz and transport crude to the Red Sea, an asset Nasser described as a “critical lifeline” to help mitigate the global supply crisis. Despite the shifts in shipping routes, Nasser said Asia remains a key priority for the company and is central to global demand.
