business / news / / The Sunday Times
Amin Nasser, the chief executive of Saudi Aramco, said the world had lost about one billion barrels of oil over the past two months.
Saudi Aramco warns global oil market disruption could last until 2027 if Strait of Hormuz stays closed.
KEY POINTS
- 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
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