Aramco warns of catastrophic consequences for global oil markets amid tensions in the Straits of Hormuz
In a significant development concerning global oil markets, Saudi Arabia's state oil company, Aramco, has issued a stark warning about potential catastrophic consequences if the situation in the Straits of Hormuz remains unresolved. The ongoing tensions between the United States, Israel, and Iran have led to a blockade of oil shipments through this critical maritime route, which has been a lifeline for Middle Eastern oil supply. The conflict has notably resulted in the loss of approximately 20 million barrels of oil from global markets each day. While Aramco has indicated that it can maintain about 70% of its crude exports... [Continue Reading]
Aramco warns of oil market ‘catastrophe’ unless strait of Hormuz reopens soon
Saudi Arabian state oil firm calls crisis by far the biggest the region has seen but firm can reroute 70% of exports and tap crude held in storageBusiness live – latest updatesHow the Iran conflict could affect energy prices – video explainerSaudi Arabia’s state oil company has warned of “catastrophic consequences” for the world’s oil markets if the US-Israeli war with Iran continues to block shipping in the strait of Hormuz.The world’s biggest oil exporter expects to be able to supply the market with about 70% of its usual crude output despite the stranglehold on the vital trade artery, but... [Continue Reading]
