economy
The world has lost a billion barrels of oil in two months
The world has lost about a billion barrels of oil in the last two months, and energy markets will take time to stabilize even if flow continues, Saudi Aramco CEO Amin Nasser said today at the Future Investment Initiative in Riyadh.
TL;DR
- The world has lost around one billion barrels of oil in the last two months.
- Energy markets will need time to stabilize even if supply flow resumes.
- Global energy supplies have been significantly reduced due to disruptions like the blockade of the Strait of Hormuz.
- Years of underinvestment have worsened the pressure on low global supplies.
- Saudi Aramco used its East-West pipeline to bypass the Strait of Hormuz and transport crude oil to the Red Sea.
- Asia remains a key priority for Saudi Aramco and is central to global demand.