Aramco CEO Warns of 100M Barrels Lost Weekly in Hormuz
Oman Al-Nasr, CEO of Saudi Aramco, warned that the world could lose more than 100 million barrels of oil weekly due to the closure of the Strait of Hormuz, as the global refining system faces intense pressures. He explained that current flows through the strait are less than 10% of their levels before Iran's war, and the arrival of over 2.6 billion barrels of oil to vital sectors has been disrupted, despite efforts by pipelines and international reserves to reduce losses to about 1.8 billion barrels. The company anticipates that replenishing these reserves will take 18 months at a rate of 2.1 million barrels per day, even if the Strait of Hormuz reopens. Al-Nasr confirmed that Aramco will continue exporting around 5 million barrels daily, and that threats in the Red Sea have not affected export volumes, with options being studied to enhance export capacity through pipeline expansion and additional maritime routes. He also announced that the company achieved record quarterly profits of 121.5 billion riyals in Q2, a 42% increase compared to the previous year, driven by higher revenues and product prices.
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