🛢️🇸🇦 Aramco is the world's largest oil producer. When its CEO says the market is broken, it matters.
- CEO Amin Nasser says even if the Strait opens today, it will take months for oil markets to rebalance
- Traffic through the Strait has collapsed from 70 vessels a day to just 2 to 5
- Futures markets and physical markets are disconnected, with strong refining margins signaling real supply tightness on the ground
- Demand rationing will continue as long as the Strait stays disrupted
- If normal shipping resumes, Nasser expects a "very robust return to demand growth"
- Aramco's reserves stand at 250 billion barrels of oil equivalent, roughly 5 times the combined reserves of all international oil companies
Source: CGTN, Al Arabiya