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West Asia war triggered the world's largest energy shock, says Saudi oil giant Aramco.
Aramco's CEO stated the current West Asia conflict triggered the largest ever global energy supply shock.
KEY POINTS
- Normalization of oil markets could extend into 2027 even if the Strait of Hormuz reopens soon.
- The market has lost about 880 million barrels of oil, nearly a billion, due to the blockade.
- Saudi Arabia's East-West pipeline operated at full 7 million barrels per day to partially offset supply losses.
- US-Iran negotiations have failed to resolve the Hormuz crisis, prolonging disruption risks to energy infrastructure.
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