Aramco CEO Warns Global Oil Market Has Lost Over 2.6 Billion Barrels

The global oil market has lost more than 2.6 billion barrels of crude since February's US-Israeli war with Iran began, according to Aramco CEO Amin Nasser.

This amount is equivalent to nearly a month's worth of normal global crude production, underscoring the scale of disruption caused by the closure of major oil chokepoint the Strait of Hormuz.

Nasser warned that even if the Strait were to open today, it would take up to 18 months at an average rate of 2.1 million barrels a day to replenish depleted inventories.

Aramco, the world's top oil exporter, posted a 44% increase in net profit to $32.69 billion in the three months to June 30 due to higher prices for crude oil and refined products.