Aramco Sees Slow Oil Market Recovery after Shock Supply Loss

AI Summary

Saudi Aramco's CEO predicts a prolonged recovery for the oil market, attributing the delay to a significant loss of supply. The report underlines the challenges the oil industry faces amidst geopolitical tensions.

The oil market will take months to normalize even if flows through the Strait of Hormuz resumed today, as 1 billion barrels of oil have been wiped off the supply balance over the past two and a half months. That’s the verdict on the global oil markets of Amin Nasser, chief executive officer of Saudi Arabia’s state oil giant and the world’s single largest crude oil exporter, Saudi Aramco. “Reopening routes is not the same as normalizing a market that has been deprived of about one billion barrels of oil,” Nasser told…