"The world has lost about 1 billion barrels of oil in two months" - Aramco head warns of slowing market recovery
The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilize even if flows resume, Saudi Aramco's chief executive said, as shipping disruptions hamper traffic through the Strait of Hormuz.
"Our objective is simple: to keep energy flowing, even when the system is under pressure," said Amin Nasser, after Aramco reported a 25% increase in net profit in the first quarter.
Global energy supplies have been severely curtailed by Iran's blockade of the Strait of Hormuz, which has restricted shipping and driven up prices following the US-Israeli war.
"Reopening roads is not the same as normalizing a market that has been deprived of about a billion barrels of oil," Nasser said, adding that years of lack of investment have added pressure on already low global reserves.
Aramco has been using its East-West Pipeline to bypass Hormuz and transport crude oil to the Red Sea, an asset that Nasser described as a "critical lifeline" to alleviate the global supply crisis.
Despite changes in shipping routes, Nasser reiterated that Asia remained a key priority for the company and was central to global demand.
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