Aramco: War impacts global oil by 2.6 billion barrels

Saudi Aramco, the world's largest oil exporter, reported that the U.S.-Iran conflict which began in February has resulted in the loss of more than 2.6 billion barrels of global oil. Despite measures taken to offset this, warnings have been issued about the depletion of global stockpiles. The CEO explained that the lost oil supplies equate to a full month of global normal production, with potential risks of increased market disruptions due to Houthi threats and their impact on maritime shipping routes, especially the Strait of Hormuz. Nevertheless, Aramco reaffirmed its ability to quickly restore production, suggesting that pre-war levels could be reached within days. The company also has the capacity to ramp up production to 12 million barrels per day within three weeks if necessary, amid a decrease in production during the second quarter to 9.5 million barrels per day compared to 12.8 million in the same period last year.

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