Aramco CEO warns loss of 1 billion barrels could delay oil market recovery
Published On 11 May, 2026
“Our objective is simple: keep energy flowing, even when the system is under strain,” Amin Nasser told Reuters in a statement after Aramco reported a 25% jump in net profit in its first-quarter.
Global energy supplies have been sharply squeezed by Iran’s blockade of the Strait of Hormuz, which has curtailed shipping and driven prices higher following the U.S.-Israeli war.
“Reopening routes is not the same as normalizing a market that has been deprived of about one billion barrels of oil,” Nasser said, adding that years of underinvestment have compounded the strain on already-low global inventories.
Aramco has used its East-West Pipeline to bypass Hormuz and transport crude to the Red Sea, an asset Nasser described as a “critical lifeline” to mitigate the global supply crisis.
Despite shifts in shipping routes, Nasser reiterated that Asia remained a key priority for the company and was central to global demand.
Reporting by Yousef Saba Editing by Bernadette Baum
