Aramco CEO warns 1 billion barrels lost will slow oil market recovery - Reuters

<a href="https://news.google.com/rss/articles/CBMivgFBVV95cUxNS3pDSldwZm11Y3h3RTVCMVhYTkR6SEVldlhObExxSmJzUjdqSEdvdUd4UHp0ZWcwTmVYdHFnWjFWcmVHLS1fYUV1anpGTGZSajlNNHV6T2tETmlkT0hUVFUwXzhVQzF5VjB6dWQtZjlYNlRYb2VoRGgxdU9BTDZ0THRub2xvQ1B1eXFMTmdtUjhacFZXY094YS05Skl6eEJuYU5CX3BsTHlQOGtEbV9PZW1TQjFDS1FkR3dhRGNR?oc=5" target="_blank">Aramco CEO warns 1 billion barrels lost will slow oil market recovery</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

Aramco CEO Amin Nasser stated that the global energy market has lost approximately one billion barrels of oil in the past two months due to disruptions in the Strait of Hormuz, emphasizing the time required for market stabilization even if energy flows resume.

Aramco reported a 25% increase in first-quarter profits, reaching $32.5 billion, by utilizing its East-West Pipeline to bypass the disrupted Strait of Hormuz, highlighting the company's resilience amid geopolitical tensions.

Vitol CEO Russell Hardy warned that the Middle East conflict could lead to a cumulative loss of at least 1 billion barrels in global crude and refined-product markets, with 600 to 700 million barrels already lost.

Vitol CEO Russell Hardy stated that the ongoing U.S.-Iran conflict has resulted in the loss of 600 to 700 million barrels of oil supply, with the figure expected to reach at least 1 billion barrels by the time the market recovers.

ConocoPhillips CEO Ryan Lance highlighted that removing 8 to 10 million barrels per day from the market and 20% of LNG supply would lead to instability, emphasizing the need for higher prices to incentivize investment.

Shell CEO Wael Sawan warned of a global crude supply shortfall approaching 1 billion barrels due to disruptions in the Strait of Hormuz, with the deficit widening daily.

Saudi Aramco reported a 26% year-over-year increase in first-quarter earnings, with higher crude prices and expanded pipeline exports helping offset disruptions tied to the ongoing Strait of Hormuz crisis.

Global oil inventories have been depleting at a record pace due to disruptions from the Iran war, with the market staying vulnerable for longer to future disruptions even after the conflict ends.