The ongoing US-Iran war has resulted in a significant disruption to the global oil supply, with Aramco’s CEO, Amin Nasser, stating that the world has lost over 2.6 billion barrels of oil since the conflict began in February.
Global Oil Inventories Running Low
Nasser warned that global inventories are running low, despite emergency measures to cushion the blow. The lost supply is equivalent to nearly a month of normal global crude production, underscoring the scale of the disruption.
Aramco, the world’s top oil exporter, posted a 44% increase in net profit of $32.69 billion in the three months to June 30, as it reaped higher prices for crude oil, refined products, and chemicals, while rerouting shipments away from the Strait of Hormuz.
Gulf Conflict Expanding into Red Sea
The supply disruption could widen after Iran-aligned Houthi forces announced a blockade of Saudi Arabia’s oil industry last month, adding pressure to Red Sea shipping and broadening the fallout from the conflict.
Nasser said recent attacks on facilities had caused some production interruptions, but he was confident Aramco could restore operations quickly. The targeting of the facilities had no material impact operationally or financially, he added.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
