Saudi Aramco warns supply disruptions have removed 1 billion barrels from global oil markets, delaying normalization despite potential route reopenings.
Saudi Aramco CEO Amin Nasser stated the global oil market will require months to recover, even if disrupted supply routes reopen immediately. The past two and a half months have erased 1 billion barrels from the supply balance, creating a structural deficit.
Prior disruptions in the Strait of Hormuz and other key routes have tightened inventories, with no immediate relief expected. Market consensus had anticipated a quicker rebound, but prolonged outages have extended the timeline for stabilization.
Oil prices remained steady following the remarks, reflecting investor caution over lingering supply risks.