Aramco CEO: Global markets lost 3 billion barrels of oil since crisis began

Aramco CEO Amin Nasser has revealed that the global oil market has experienced a significant loss of 3 billion barrels since the crisis began. In an interview with Al Arabiya Business, Nasser stated that the current situation is unprecedented, with global oil supplies reduced by this substantial amount. He emphasized that this crisis occurs at a time when oil inventories are already at a lower-than-required level, suggesting that oil prices could have reached higher levels had the situation persisted.

Nasser highlighted Aramco's exceptional flexibility and resilience in withstanding such shocks, noting that the company has three export routes: the Strait of Hormuz, Bab al-Mandab, and Sidi Kerir. Looking to the future, Nasser anticipates that oil demand growth could increase by approximately 3 million barrels per day once the crisis concludes, taking into account the ongoing impact on global energy markets.