Al-Nasser: Aramco meets client needs amid market pressure until Hormuz reopens
The CEO of Saudi Aramco and its Chief Executive Officer, Amin bin Hassan Nasser, stated that the world is facing an oil crisis after losing approximately 3 billion barrels of oil supplies, which is equivalent to half of the oil that was expected to pass through the Strait of Hormuz during the recent period. He pointed out that remaining commercial inventories are less than 6 billion barrels, most of which are not available for use, and that pressure on oil markets will intensify until the Strait of Hormuz is fully reopened. He emphasized that replenishing oil reserves and meeting global demand will take two years, while Aramco continues to fulfill its current orders. The company plans to triple its strategic reserves. He also noted that the East-West pipeline has contributed to stabilizing Brent prices, and that the company is exploring additional ways to boost oil exports and develop external storage facilities to counter short-term market disruptions. Additionally, the company has the support of shareholders to invest in pipelines and enhance assets.
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