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Saudi Aramco CEO Amin Nasser says the global energy market has lost about 1 billion barrels of oil supply.
Saudi Aramco estimates the global energy market has lost 1 billion barrels of oil in this crisis.
KEY POINTS
- The Strait of Hormuz closure results in a weekly loss of about 100 million barrels of oil supply.
- Aramco predicts oil markets might not normalize until 2027 if disruptions persist for weeks.
- Aramco's East-West pipeline, now at maximum 7 million barrels daily, is crucial for global exports.
- Aramco is exploring expanding export capacity at Yanbu, the pipeline's Red Sea terminal.
COMPANIES
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