Aramco warns of oil market crisis due to Iran war
pre-market1 source ↓written by the desknot a recommendation
- to mitigate impacts
- 7 million barrels per day
Saudi Aramco's CEO Amin Nasser warned that the ongoing Iran war could have catastrophic consequences for global oil markets if disruptions in the Strait of Hormuz persist. With global oil inventories at a five-year low, prolonged shipping issues may lead to faster drawdowns. Aramco is increasing use of its East-West pipeline, capable of moving 7 million barrels per day to mitigate impacts.
Not investment advice. For informational purposes only.