The world has lost about 1 billion barrels of oil over the past ‌two months and energy markets will take time to stabilise even ‌if flows resume, Saudi Aramco’s CEO ‌said ⁠on Sunday, as shipping disruptions ⁠choke traffic through the Strait of Hormuz.

"Our objective is simple: keep energy flowing, even when ​the system is under ‌strain," Amin Nasser told Reuters in a statement after Aramco reported a 25% jump in net profit in ‌its first-quarter.

Global energy supplies have been ​sharply squeezed by Iran’s blockade of the Strait of Hormuz, which ⁠has curtailed shipping and driven prices higher following the U.S.-Israeli war.

"Reopening routes is ‌not the same as normalizing a market that has been deprived of about one billion barrels of oil," Nasser said, adding that years of underinvestment have compounded the strain on already-low ‌global inventories.

Aramco has used its East-West Pipeline ​to bypass Hormuz and transport crude to the Red Sea, an ⁠asset Nasser described as a "critical lifeline" to ⁠mitigate the global supply crisis.

Despite shifts in shipping routes, Nasser ‌reiterated that Asia remained a key priority for the company and was ​central to global demand.

Published on May 10, 2026