Saudi Aramco CEO Warns of Dire Consequences if Strait of Hormuz Remains Closed

According to the International Desk of Webangah News Agency, Saudi Aramco CEO Amin Nasser has stated that the world’s strategic oil reserves, previously considered a safety net against supply disruptions, have seen a worrying decline. Nasser cautioned that this situation exposes global markets to the risk of escalating crises unless the Strait of Hormuz is reopened.

These remarks from the head of Saudi Aramco come days after reports emerged of the release of up to 100 million barrels of oil and diesel from emergency stockpiles aimed at curbing fuel prices. Speaking at a forum in London, Nasser emphasized that “until the Strait of Hormuz is fully reopened and confidence returns, the harsh reality is that pressure on both sides of the oil market will intensify.” He further elaborated that the pressure on the oil market is dangerous due to the significant surge in refined oil prices.

Even with the reopening of the Strait, Nasser noted, energy-consuming nations will require up to two years to replenish their reserves.