RIYADH — Saudi Aramco President and CEO Amin Nasser warned {that a} extended closure of the Strait of Hormuz may have catastrophic penalties for the worldwide oil markets.
“There could be catastrophic penalties for the world’s oil markets and the longer the disruption goes on… the extra drastic the implications for the worldwide economic system. Whereas we now have confronted disruptions previously, this one by far is the largest disaster the area’s oil and gasoline trade has confronted,” he stated whereas addressing a press convention following the announcement of the corporate’s 2025 ends in Riyadh on Tuesday.
Nasser said that the influence of the present disaster extends past the delivery and insurance coverage sectors, posing the danger of extreme cascading results throughout aviation, agriculture, automotive, and different industries. He famous that world oil inventories have fallen to their lowest degree in 5 years and that the disaster is more likely to speed up the tempo of stock depletion. He pressured that the resumption of delivery by the Strait of Hormuz is of important significance.
Nasser emphasised that the disruption may result in catastrophic penalties for world oil markets, warning that the longer it persists, the extra extreme its repercussions can be for the worldwide economic system.
Associated Article
Aramco studies $104.7 billion internet earnings for 2025 as money circulate hits $136.2 billion
Relating to the Iranian assault on the Ras Tanura refinery, Nasser stated that the minor fireplace that broke out on account of the assault was swiftly extinguished and introduced below management, including that the refinery is at present within the strategy of restarting operations.
Earlier on Tuesday, Aramco introduced a internet revenue of SR 348.04 billion for the final 12 months, in comparison with SR 393.89 billion in 2024, representing a decline of 11.6 %. The corporate additionally introduced a dividend distribution of SR 82.08 billion, a rise of three.5 % in contrast with the third quarter of 2025.
