Al Arabiya English
The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilize even if flows resume, Saudi Aramco’s CEO said on Sunday, as shipping disruptions choke traffic through the Strait of Hormuz.For all the latest headlines, follow our Google News channel online or via the app.“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 percent jump in netprofit 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 US-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
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