Aramco CEO warns 1 billion barrels lost will slow oil market recovery
Key takeaways
- “Our objective is simple: keep energy flowing, even when the system is under strain,” Amin Nasser told Reuters in a statement after Aramco reported a 25% jump in net profit in its first-quarter.
- Global energy supplies have been sharply squeezed by Iran’s blockade of the Strait of Hormuz, which has curtailed shipping and driven prices higher following the U.S.-Israeli war.
- Aramco has used its East-West Pipeline to bypass Hormuz and transport crude to the Red Sea, an asset Nasser described as a “critical lifeline” to mitigate the global supply crisis.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize DUBAI: The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilise even if flows resume, Saudi Aramco’s CEO said on Sunday, as shipping disruptions choke traffic through the Strait of Hormuz.
“Our objective is simple: keep energy flowing, even when the system is under strain,” Amin Nasser told Reuters in a statement after Aramco reported a 25% jump in net profit in its first-quarter.
Global energy supplies have been sharply squeezed by Iran’s blockade of the Strait of Hormuz, which has curtailed shipping and driven prices higher following the U.S.-Israeli war.