Hormuz Crisis Drains 2.6 Billion Barrels From Global Oil Supplies

The world has lost over 2.6 billion barrels of oil since the US-Israeli war with Iran began in February, according to Saudi Aramco's CEO Amin Nasser.

This loss is equivalent to nearly a month of normal global crude production and has exposed vulnerabilities in the global refining system, with strong refining margins pointing to continued tightness in product markets.

Nasser warned that the industry has few buffers to absorb further disruptions and that any major unplanned or prolonged refinery outage could add further pressure to global energy supplies.