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Global oil supply decreases by approximately 1 billion barrels over two months
Saudi Aramco President and CEO Amin Nasser stated on the 10th that over the past two months, global oil supplies have decreased by approximately 1 billion barrels. The financial report released by Saudi Aramco on the same day showed that the company’s net profit in the first quarter of this year increased by about 26% year-on-year.
During an interview with the media on the same day, Nasser said that even if energy flows return to normal, the entire system will need some time to stabilize.
Saudi Aramco’s financial report indicated that, affected by the volatility in energy prices caused by the conflict, the company’s net profit in the first quarter was $33.6 billion, representing an increase of approximately 26% compared to the same period last year.
The report pointed out that Saudi Aramco’s east-west oil pipelines significantly increased their transportation capacity in the first quarter, reaching a maximum throughput of 7 million barrels per day, ensuring the export of oil along the Saudi Red Sea coast.
Saudi Aramco stated that the east-west oil pipelines are vital supply arteries, helping to alleviate global energy shocks and providing some security for customers affected by shipping restrictions in the Strait of Hormuz.
(Source: Xinhua News Agency)