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Saudi Aramco’s boss warned of a long disruption to oil markets from the near closure of the Strait of Hormuz.
Aramco warns global oil market could take until 2027 to normalize if Hormuz remains blocked.
KEY POINTS
- Aramco profits surged 26% in Q1, beating expectations, driven by higher crude prices and volumes.
- Aramco quickly redirected exports via the Yanbu port, but throughput remains below prewar levels.
- Some Aramco shipments are secretly transiting the Strait of Hormuz with ship transponders disabled.
- Aramco's free cash flow fell short of its dividend, with gearing ratio rising to 4.8% in Q1.
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