Aramco CEO: Catastrophic consequences due to continued closure of the Strait of Hormuz
“Despite facing turmoil in the past, this crisis is by far the biggest the oil and gas sector in the region has ever faced,” Nasser said in a telephone press conference following the company’s announcement of its 2025 results.
He explained that this disruption has not only affected the shipping and insurance sectors, but also portends widespread negative effects on the aviation, agriculture, automotive and other sectors.
Decreased inventories
He stated that the crisis would lead to a faster decline in stockpiles, stressing the importance of resuming navigation in the strait.
He explained that the longer this disruption lasts, the more severe the consequences will be for the global economy.
Regarding the attack on the Ras Tanura refinery, Al-Nasser added: “The small fire that broke out as a result of the attack was quickly extinguished and brought under control. He pointed out that the refinery is in the process of restarting operations.”.
The CEO of Saudi Aramco, Amin Nasser, announced that global oil inventories have reached their lowest levels in 5 years, noting that a prolonged closure of the Strait of Hormuz could lead to catastrophic consequences for global oil markets.
Nasser said in a phone press conference following the company’s announcement of its results for 2025: “Despite facing disruptions in the past, this crisis is by far the largest ever faced by the oil and gas sector in the region.”
He explained that this disruption has not only affected the shipping and insurance sectors but also threatens to have widespread negative impacts on the aviation, agriculture, automotive, and other sectors.
Decline in Inventories
He mentioned that the crisis will lead to a faster decline in inventories, emphasizing the importance of resuming navigation in the strait.
He indicated that the longer this disruption lasts, the more severe the consequences will be for the global economy.
Regarding the attack on the Ras Tanura refinery, Nasser added: “The small fire that broke out as a result of the attack was quickly extinguished and controlled. He noted that the refinery is in the process of restarting.”
