Aramco: Hormuz closure impacts global oil supply
The CEO of Saudi Aramco, Amin Nasser, stated that the current geopolitical crisis has caused the world to lose over 2.6 billion barrels of oil essential for vital industries. This crisis has significantly reduced available oil inventories, leading to a situation where the world continues to lose more than 100 million barrels weekly if the Strait of Hormuz remains closed. He emphasized that the company's operations have not been noticeably affected and that it continues to enhance its resilience through the East-West pipeline, while also considering its expansion to boost export capacities. Rebuilding the depleted inventories could take up to 18 months.
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