Aramco CEO Warns Oil Market Recovery Slowed by Lost Billions

Saudi Aramco's CEO Amin Nasser warned on Sunday that the global oil market recovery will be slowed due to a loss of about 1 billion barrels over the past two months. The world has been affected by Iran's blockade of the Strait of Hormuz, which has severely curtailed shipping and driven prices higher.

The U.S.-Israeli war has led to increased tensions in the region, resulting in a sharp squeeze on global energy supplies. Despite efforts to bypass the affected area, Nasser stated that reopening routes is not the same as normalizing a market deprived of nearly 1 billion barrels of oil.

Aramco's East-West Pipeline has been used to transport crude to the Red Sea, which Nasser described as a 'critical lifeline' to mitigate the global supply crisis. He emphasized that Asia remains a key priority for the company and is central to global demand.