100 Million Barrels Lost Every Week Strait of Hormuz Is Shut, Saudi Aramco CEO Says
Amin Nasser said governments are drawing on storage and the International Energy Agency has released 400 million barrels, but inventories remain materially depleted.
- Saudi Aramco CEO Amin Nasser warned Monday that the world is losing around 100 million barrels of oil per week, as tanker traffic through the Strait of Hormuz has collapsed from roughly 70 vessels per day to just 2 to 5.
- With most Gulf producers lacking alternative export routes, the Iran War has disrupted a waterway that handled nearly 20 million barrels daily, leaving global markets heavily dependent on Hormuz.
- Brent crude futures are trading above $100 per barrel as global stockpiles are being "materially depleted" to meet demand; analysts warn inventories could hit an operational floor by June, triggering widespread demand rationing.
- The International Energy Agency coordinated the release of 400 million barrels from strategic reserves, though IEA Executive Director Fatih Birol acknowledged these efforts "will only help to reduce the pain" rather than solve the supply crisis.
- Traders bet on continued conflict after President Donald Trump described the ceasefire with Iran as "on life support" on Monday; economists expect demand rationing to persist as long as Hormuz remains closed.
12 Articles
12 Articles
After Saudi's 2 panic moves in 2 days, MBS' top oil official reveals 1000000000 loss…
Saudi Aramco’s CEO says the Hormuz shutdown is the biggest energy shock in history, with around 1 billion barrels of supply wiped out since the Iran war began. Riyadh is rushing crude through its East–West pipeline to the Red Sea, but Houthi threats and stalled Iran–U.S. talks mean high prices and volatility could last for years.
100 million barrels lost every week Strait of Hormuz is shut, Saudi Aramco CEO says
Oil prices continued to climb on Tuesday, as US President Donald Trump said the ceasefire with Iran was "on massive life support". Meanwhile, the CEO of Saudi Aramco, the world's largest oil company, told analysts the closure of the Strait of Hormuz has generated a loss of 100 million barrels every week. Also in this edition: Trump wants to scrap the US federal gas tax to help consumers deal with the impact of the war in Iran.
The World Is Losing 100,000,000 Barrels of Oil Per Week — Even the IEA’s Largest-Ever Strategic Reserve Release Cannot Keep Up
Saudi Aramco CEO Amin Nasser warned Monday that the world is losing approximately 100 million barrels of oil per week. Tanker traffic through the Strait of Hormuz has collapsed due to the Iran war, from 70 vessels per day to 2-5. The International Energy Agency announced its largest coordinated strategic reserve release in history — 400 million barrels from 32 member states. The U.S. authorized the release of 172 million barrels from the Strateg…
Aramco Sees 100 Million-Barrel Oil Loss Each Week Hormuz Is Shut
(Bloomberg) — Global oil markets are losing 100 million barrels every week the Strait of Hormuz is shut, compounding a supply shortage that has already made the Middle East war the most significant supply disruption ever, according to the head of Saudi Arabia’s state oil producer.
Oil Price Today: Brent Climbs as Hormuz Risk Reprices the Barrel
Brent crude traded near $107 a barrel and WTI at $101 on Tuesday as OPEC output fell by 830,000 barrels per day in April, the lowest in over 20 years. Saudi Aramco warned the market is losing about 100 million barrels a week with only a handful of tankers crossing the Strait of Hormuz daily. Traders cited stalled U.S.-Iran talks and ongoing Hormuz disruptions as key drivers. Prediction markets see a slow return to normal traffic. The post Oil Pr…
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