Aramco CEO warns 1 billion barrels lost will slow oil market recovery
Amin Nasser said reopening the strait will not quickly rebalance markets as Aramco reported a 25% rise in first-quarter profit.
- Saudi Aramco CEO Amin Nasser stated on Sunday that the world lost about 1 billion barrels of crude oil over the past two months, warning that energy markets will take time to stabilize even if shipping routes resume.
- Iran's blockade of the Hormuz Strait has curtailed shipping and driven prices higher following the United States-Israeli war; in March, Aramco warned of "catastrophic consequences" for the world's oil markets if disruptions continue.
- The world's largest oil exporter reported a net profit of $32.5 billion over three months, a 25% increase, while Aramco used its East-West Pipeline to transport crude to the Red Sea, calling it a "critical lifeline."
- "Reopening routes is not the same as normalizing a market," Nasser stated, adding that years of underinvestment have exacerbated the strain on already-low global inventories.
- Nasser reiterated that Asia remains a top priority for the company and central to global demand, stating that the longer the disruption continues "the more drastic the consequences for the global economy.
52 Articles
52 Articles
The world's largest oil company has increased exports via oil pipeline that prevents narrow transport in the Middle East, disrupted by the war in Iran
Saudi oil giant Aramco sees Q1 profits rise 25% by shifting exports to
Aramco , the world’s largest oil company, reported Sunday that its first quarter profits jumped 25% over last year, as it increased exports by using a pipeline that avoids shipping through the Strait of Hormuz , which has been disrupted by the Iran war . Formally known as the Saudi Arabian Oil Co., Aramco reported a profit of $32.5 billion for the quarter ending March 31. The state-owned company had reported a 12% decline in annual profits in 20…
Oskaloosa Herald
Saudi oil giant Aramco sees Q1 profits rise 25% by shifting exports to its East-West Pipeline
Aramco, the world’s largest oil company, reports a 25% jump in first-quarter profits. The company increased exports using a pipeline that avoids the disrupted Strait of Hormuz. On Sunday, Aramco announced a profit of $32.5 billion for the quarter ending…
Aramco CEO: World deprived of 1 billion barrels of oil over past two months
The world has lost about one billion barrels of oil over the past two months and energy markets will take time to stabilize even if flows resume, Saudi Aramco Chief Executive Officer Amin Nasser said on Sunday
Coverage Details
Bias Distribution
- 55% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
