Aramco CEO: Global markets lost 3 billion barrels of oil since crisis began
Aramco CEO Amin Nasser says energy markets face unprecedented fallout, with 3 billion barrels lost from global oil supplies since the crisis began.
Key Takeaways
AIAmin Nasser, CEO of Aramco, said energy markets are facing unprecedented consequences due to the current crisis, noting that around 3 billion barrels of oil supplies have been lost since the crisis began.
Speaking to Al Arabiya Business, Nasser said the crisis comes at a time when oil inventories are already below required levels, adding that oil prices could have reached even higher levels during the crisis.
He explained that Aramco enjoys exceptional flexibility, resilience, and the ability to withstand shocks, highlighting that the company has three export routes for oil: the Strait of Hormuz, Bab al-Mandab, and Sidi Kerir.
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Nasser also predicted that oil demand growth could rise by about 3 million barrels per day after the crisis ends, given the ongoing impact on global energy markets.