Saudi Aramco’s chief executive officer warned the impact on global oil markets will be “catastrophic” the longer the disruption from the Iran war drags on.
In his first public comments since the conflict choked West Asia energy shipments, the head of the region’s largest oil producer said Aramco can divert more crude to an alternative route that avoids the Strait of Hormuz.
CEO Amin Nasser declined to disclose production levels, but said on a conference call that Aramco was “not utilising for the time being” some of its heavier oil grades. “There would be catastrophic consequences for the world’s oil market the longer the disruption goes on, and the more drastic the consequences for the global economy,” Nasser said. “While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced.”
