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Saudi Aramco CEO Says War Could Have 'Catastrophic Consequences' on Oil Markets
Saudi Aramco CEO Amin Nasser warns that attacks have cut up to 20% of global oil flows amid low inventories, risking supply shocks and higher prices.
- On Tuesday, Amin Nasser, Saudi Aramco CEO, warned of 'catastrophic consequences' for the global oil market due to the region's biggest crisis, with workarounds only temporary.
- Attacks on shipping and infrastructure have discouraged exporters from the Strait of Hormuz, eliminating up to 20% of traded petroleum and triggering last week's strike on Ras Tanura, allegedly by Iranian drones.
- Brent crude surged past $100 over the weekend amid volatile prices, as global inventories hit their lowest in five years and the International Energy Agency convened an extraordinary meeting on around 1.2 billion barrels of emergency reserves.
- Aramco cut output and rerouted supplies on Monday, maintaining around 70% of normal exports while G7 finance ministers pledged "necessary measures" to support energy supply and President Donald Trump promised special U.S. Navy tanker escorts.
- Aramco said it could resume shipments in days if the Strait of Hormuz reopens, but Qatar's energy minister warned the closure could 'bring down the economies of the world' last week.
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There is a bitter realization on the stock exchanges: Even if Donald Trump ends the Iran war tomorrow, his consequences will be felt at least for weeks and months. At worst, he could permanently push up global energy prices.
Coverage Details
Total News Sources19
Leaning Left2Leaning Right5Center4Last UpdatedBias Distribution46% Right
Bias Distribution
- 46% of the sources lean Right
46% Right
L 18%
C 36%
R 46%
Factuality
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