Saudi Aramco warns of critical fuel supply crisis due to Strait of Hormuz closure

Amin Nasser, CEO of Saudi Aramco, has warned that the ongoing closure of the Strait of Hormuz due to the conflict with Iran is causing a severe global energy supply crisis. Nasser stated that the market has lost approximately one billion barrels of oil, with an additional loss of 100 million barrels for every week the strait remains closed. Gasoline and jet fuel stocks are expected to reach critical levels by summer. Even if the strait were to reopen immediately, market stabilization could take several months. If the disruption persists for several more weeks, the CEO warned that full market normalization may not occur until 2027. Despite the crisis, Aramco reported increased first-quarter profits, supported by rising oil prices and the strategic diversion of exports through the Yanbu port. The company claims it can reach a maximum sustainable production capacity of 12 million barrels per day within three weeks. Strategic reserves are currently acting as a primary safety net, though these stocks are also rapidly depleting.