10.05.2026 14:33
The CEO of Saudi energy giant Aramco, Amin Nasser, announced that approximately 1 billion barrels of oil have disappeared from the global market over the past two months due to the Iran-linked Strait of Hormuz crisis. Stating that the disruption in oil shipments has shaken energy markets, Nasser said that even if shipments resume, the market cannot return to normal quickly. Experts note that the tension in the Strait of Hormuz is putting pressure on oil prices and the global economy.
CEO Amin Nasser of Saudi Arabia's energy giant Aramco announced that approximately 1 billion barrels of oil have been withdrawn from the global market over the past two months due to the crisis linked to Iran's closure of the Strait of Hormuz.
Nasser stated that even if shipments resume, energy markets cannot return to normal in a short time, adding, "Our priority is to keep energy flowing even while the system is under pressure."
OIL PRICES EXPERIENCED HISTORIC SURGE
The major disruption of shipments in the Strait of Hormuz, following tensions between Iran and the US-Israel axis, has caused a serious upheaval in the global oil market.
Experts note that the crisis in the Strait of Hormuz, through which approximately 20% of world oil trade passes, has become one of the biggest energy shocks in recent years.
Brent crude oil prices exceeded the $100 level during the crisis, reaching above $120 at some times. The fluctuation in energy markets is said to have directly affected especially Asian countries.
ARAMCO ACTIVATES EMERGENCY PLAN
It has been reported that Aramco has started using the East-West Oil Pipeline at full capacity to bypass the Strait of Hormuz. The company is trying to continue oil shipments via the Red Sea.
Nasser emphasized that alternative routes will not be enough to completely eliminate the impact of the crisis, noting that global stocks are already at low levels.
“COULD BE A DISASTER FOR THE GLOBAL ECONOMY”
Analyses in the foreign press indicate that a prolonged disruption in the Strait of Hormuz affects not only oil but also natural gas, fertilizer, and maritime transport markets.
Experts warn that if the energy crisis persists, inflationary pressures could increase worldwide, and a new fluctuation in the global economy might occur.