# Amin Nasser, the chief executive of Saudi Aramco, said the world had lost about one billion barrels of oil over the past two months.

*business · news · 2026-05-10 · The Sunday Times*

## Key points

- Saudi Aramco warns global oil market disruption could last until 2027 if Strait of Hormuz stays closed.
- About one billion barrels of oil have been lost since the Middle East war began in February.
- Nearly 2,000 vessels and 20,000 seafarers are currently trapped in the Strait of Hormuz.
- Average daily shipping volumes through the Strait of Hormuz have declined by 94 percent since the war started.
- Saudi Arabia, UAE, Iraq, and Kuwait have deepened oil output cuts, totaling up to 2.5 million barrels daily.

**Companies:** Saudi Aramco, Shell
**Countries:** Saudi Arabia, Iran, United States, Qatar, Pakistan, United Arab Emirates, Iraq, Kuwait

[Read the full story on The Sunday Times](https://www.thetimes.com/business/companies-markets/article/saudi-aramco-iran-war-oil-price-5b6p329jc)

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