A total of 1 billion barrels of oil has been lost since the West Asia and Middle East war commenced said CEO of Aramco, as shipping through the Strait of Hormuz remained constrained.
“Our objective is simple: keep energy flowing, even when the system is under strain,” Amin Nasser said in a statement to local agency after Aramco reported a 25 per cent jump in first-quarter net profit.
Global energy supplies have shrunk largely following Iran’s blockade of the strategic waterways which spiked shipping prices. “Reopening routes is not the same as normalizing a market that has been deprived of about one billion barrels of oil,” Nasser said, adding that years of underinvestment have compounded the strain on already-low global inventories.
Ever since the war, Aramco began using its East West pipeline, which allows crude to bypass Hormuz and reach export terminals at the Red Sea port. Despite strangulated shipping routes, Nasser said Asia remained a core focus for the company and central to global oil demand, underscoring Aramco’s commitment to supplying the region even as geopolitical risks continue to roil energy markets.
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