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HORMUZ CLOSURE COULD REMOVE 100M BARRELS WEEKLY, SAYS ARAMCO CEO
Saudi Aramco CEO Amin Nasser warned that a continued closure of the Strait of Hormuz could cut global oil supply by about 100 million barrels per week.
He said the market has already lost around 1 billion barrels due to the disruption, partly offset by alternative routes and reserves.
Nasser called it the biggest energy supply shock ever, noting the crisis could delay full market normalization until 2027 if it drags on.
Aramco is expanding non-Hormuz export routes, including its Red Sea terminal, to improve resilience as the conflict continues to disrupt global flows.
#GateSquareMayTradingShare $XTIUSD