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Aramco CEO warns 1 billion barrels lost will slow oil market recovery
Amin Nasser said the market has lost about 1 billion barrels in two months, and reopening shipping would not quickly restore supply.
- On Sunday, Saudi Aramco reported a 25% jump in first-quarter profit to $32.5 billion, shifting exports to its East-West Pipeline to avoid Strait of Hormuz shipping disruptions caused by the Iran war.
- Iran effectively seized control of the critical waterway following February 28 attacks, with a U.S. naval blockade further complicating transit; before the war, roughly 20% of the world's traded oil flowed through the strait daily.
- Operating at maximum capacity of 7.0 million barrels per day, the East-West Pipeline is "helping to mitigate the impact of a global energy shock," Aramco CEO Amin Nasser said in a statement.
- The company declared a first-quarter base dividend of $21.9 billion, payable in the second quarter, as the Saudi state relies heavily on these payouts to fund domestic spending and cover budget gaps.
- Brent crude oil settled at $101.29 on Friday, remaining significantly higher than the roughly $70 level from late February, while Aramco remains focused on leveraging its infrastructure to navigate disruption.
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Aramco CEO Warns Of Multi-Year Energy Disruption If Oil Shipments Stay Blocked Through Hormuz
Global energy markets will rebalance in a few months only if crude and LNG shipments through the Strait of Hormuz resume immediately, Aramco CEO Amin Nasser said on Sunday.
·New York, United States
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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
·Brazil
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Coverage Details
Total News Sources93
Leaning Left14Leaning Right23Center20Last UpdatedBias Distribution40% Right
Bias Distribution
- 40% of the sources lean Right
40% Right
L 25%
C 35%
R 40%
Factuality
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