US-Iran War Causes 2.6 Billion Barrels of Lost Oil Supply

Aramco's CEO Amin Nasser said that the US-Iran war has resulted in over 2.6 billion barrels of lost oil supply since its onset in February, equivalent to nearly a month of normal global crude production.

This loss is due to the closure of the major oil chokepoint the Strait of Hormuz and other disruptions caused by the conflict.

The CEO warned that global inventories are running low despite emergency measures, including releases from strategic reserves and commercial inventories, along with demand rationing and the East-West Pipeline.