NEW | Aramco Warns of Global Oil Crisis Amid Strait of Hormuz Blockade
Uncategorized
1
Posts
1
Posters
0
Views
-
NEW | Aramco Warns of Global Oil Crisis Amid Strait of Hormuz Blockade
Saudi Arabia’s state oil company has warned that continued US-Israel attacks on Iran and the resulting blockade of the Strait of Hormuz could trigger “catastrophic” consequences for global oil markets.
While the kingdom can reroute around 70% of its usual exports through pipelines and storage, Amin Nasser, Aramco’s CEO, stressed that prolonged disruption would have drastic effects on the world economy.
The strait, a vital artery for nearly a fifth of global oil shipments, has been effectively closed for 11 days due to the war, removing around 20 million barrels of oil from the market daily.
#Israel #Palestine #Gaza #Iran
-
R relay@relay.mycrowd.ca shared this topic
