Aramco CEO warns 1 billion barrels lost will slow oil market recovery
Amin Nasser said the East-West Pipeline is running at full capacity as about 1 billion barrels were lost to shipping disruptions.
- Saudi Aramco reported a first-quarter net profit of $33.6 billion, a 26% increase from last year, surpassing analysts' expectations due to higher oil prices amid Middle East tensions.
- Brent crude oil prices surged over 43% in March after Iran effectively closed the Strait of Hormuz following US and Israeli attacks, impacting global supply.
- The company used its East-West pipeline at maximum capacity of 7 million barrels per day to redirect exports and mitigate shipping disruptions caused by the strait's closure.
- Aramco's CEO Amin Nasser highlighted the company's resilience and operational flexibility in managing complex geopolitical challenges.
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Saudi: Aramco sees 25 pc more profit after shifting exports from Hormuz
Aramco, the world’s largest oil company, said on Sunday, May 10, its first quarter profit jumped 25 per cent as the Iran war disrupted oil supplies and raised prices. Dhahran, Saudi Arabia-based Aramco said it successfully shifted some oil exports to a pipeline to avoid the Strait of Hormuz, which has been disrupted by the war. On Sunday, the price of Brent crude, the international standard, rose 2.58 per cent to to USD 103.91 per barrel. That’s…
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.
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
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