Oil Market Loses Over 2.6 Billion Barrels Amid Hormuz Crisis

The global oil market has lost over 2.6 billion barrels of oil since February due to the US-Israeli war with Iran, according to Aramco CEO Amin Nasser.

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

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 as it capitalized on higher crude prices and rerouted shipments away from Hormuz.

Nasser warned that 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.