Saudi Aramco CEO says global oil market has lost around 1 billion barrels

The world has lost around 1 billion barrels of oil over the past two months, Saudi Aramco CEO Amin Nasser said, according to Reuters.

He stated that stabilizing energy markets will take a prolonged period, even if supplies through the Strait of Hormuz are restored, noting that the global system is under significant strain.

“Our objective is simple: keep energy ​flowing, even when the system is under strain,” Nasser told Reuters following Aramco’s announcement of a 25% increase in net profit in the first quarter.

“Reopening routes is not the same as normalizing a market that has been deprived of about one billion barrels ​of oil,” he said, adding that years of underinvestment have worsened pressure on already low global inventories.

The company has used its East–West pipeline to bypass the Strait of Hormuz and transport oil to the Red Sea. Nasser described it as a critical supply line for easing global supply disruptions.

The world’s largest oil exporter reported a net profit of $32.5 billion over three months. Saudi Aramco’s total revenue rose by nearly 7% year-on-year to $115.49 billion, driven by higher prices and increased sales of crude oil, refined products, and chemicals.

By Jeyhun Aghazada