Global oil markets are losing 100 million barrels every week while the Strait of Hormuz remains shut. Saudi Aramco Chief Executive Amin Nasser stated that oil inventories are rapidly drawing down as a result of the closure.
Nasser reported that the market has already lost approximately 1 billion barrels of oil supply during the crisis. He noted that the Middle East war has become the most significant supply disruption ever recorded.
The Saudi Aramco head warned that the recovery of the oil market could drag into 2027 if the current situation persists until mid-June.