Oil Supplies Face Prolonged Strain as Strait of Hormuz Remains Closed

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

This loss is equivalent to nearly a month's worth of global crude production, highlighting the scale of disruption caused by the conflict.

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

Aramco 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, refined products, and chemicals, while rerouting shipments away from Hormuz.