# Global oil markets are losing 100 million barrels every week that the Strait of Hormuz is closed, the head of Saudi Arabia’s state oil producer said.

*business · news · 2026-05-11 · Middle East Eye*

## Key points

- Global oil markets lose 100 million barrels weekly while the Strait of Hormuz remains closed.
- Physical oil prices in some Asian countries have reached up to $286 per barrel, far above futures.
- Saudi Arabia's East-West pipeline is operating at full five-million-barrel-per-day capacity to bypass Hormuz.
- Global oil inventories have been materially depleted and may hit an operational floor by June or July.
- China has quietly slashed its oil imports by 25 percent from pre-war levels to help stabilize prices.

**Companies:** Saudi Aramco, HSBC Bank
**Countries:** Saudi Arabia, Iran, United States, China, Sri Lanka, Kuwait, Bahrain, Iraq

[Read the full story on Middle East Eye](https://www.middleeasteye.net/news/world-losing-100-million-barrels-day-oil-hormuz-closed-saudi-aramco-chief-says)

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