The world has lost more than 2.6 billion barrels of oil since the US-Israeli war with Iran began in February, the head of Saudi oil giant Aramco says, warning global inventories were running low despite measures to reroute flows, Reuters reports.
The lost supply is equivalent to nearly a month of normal global crude production, underscoring the scale of the disruption that has closed a major oil chokepoint, the Strait of Hormuz, upending energy markets, and shows little sign of easing.
“If the Strait were to open today, it would take up to 18 months at an average rate of 2.1 million barrels a day to replenish depleted inventories,” Aramco Chief Executive Officer Amin Nasser says.
“Despite the unprecedented supply disruption through the Strait of Hormuz, we continued to demonstrate our ability to maintain business continuity by capitalising on our diverse asset base and multi-decade planning,” Nasser adds.
Aramco, the world’s top oil exporter, posted a 44 per cent increase in net profit of $32.69bn in the three months to June 30 as it reaped higher prices for crude oil, refined products and chemicals, while rerouting shipments away from Hormuz.
