10.03.2026 14:01
Aramco CEO Amin Nasser stated that due to the war in Iran and the closure of the Strait of Hormuz, oil stocks have fallen to their lowest level in the last 5 years, warning that if the crisis prolongs, there could be a "catastrophe" for global oil markets and the global economy.
The war in Iran and the closure of the Strait of Hormuz have raised concerns in global energy markets. Amin Nasser, CEO of Saudi Arabia's Aramco, one of the world's largest oil producers, warned of serious risks to the global economy, stating that oil stocks have fallen to their lowest level in the last 5 years.
OIL PRICES HAVE SOARED
The war with Iran and the closure of the Strait of Hormuz have caused sharp fluctuations in oil markets. Oil prices recently rose to $114 per barrel, reaching their highest level in the last two years. In a press conference, Aramco CEO Amin Nasser stated that the current crisis is putting significant pressure on oil supply.
STRATEGIC IMPORTANCE OF THE STRAIT OF HORMUZ
Nasser emphasized that the closure of the Strait of Hormuz, which plays a key role in delivering Gulf oil to global markets, poses a significant risk, and that the resumption of maritime transport is vital. Nasser said, "A large portion of the spare oil production capacity is located in this region. Therefore, the resumption of maritime transport in the Strait of Hormuz is absolutely critical."
Nasser noted that approximately 17% of the total oil supply from the region is transported through the Strait of Hormuz, and stated that the ongoing disruptions have affected about 180 million barrels of oil so far.
STOCKS AT THEIR LOWEST LEVEL IN 5 YEARS
Nasser pointed out that global oil stocks are already at their lowest level in the last five years and warned that stocks could deplete more rapidly due to the crisis. He expressed that disruptions in energy supply not only affect oil transportation but also have a cascading effect on many sectors, including aviation, agriculture, and automotive.
"IT COULD BE A DISASTER FOR THE WORLD"
Nasser indicated that if the crisis persists, it could have serious consequences for the global economy, stating, "If the disruptions continue, it could lead to catastrophic results for the world oil markets, and the impacts could be much more severe for the global economy."
THE ONLY PIPELINE CURRENTLY IN USE
Nasser mentioned that Aramco is currently only able to use the East-West pipeline for shipments, which has a capacity of approximately 7 million barrels per day.
Nasser also stated that there are no issues regarding oil storage capacity, both domestically and internationally.