Aramco CEO: Oil Market May Face 'Disastrous Consequences'
BlockBeats News, March 10th, according to the Financial Times, Amin Nasser, CEO of the world's largest oil company Saudi Aramco, said on Tuesday that the longer the Middle East conflict lasts, the more "disastrous consequences" it will have on the oil market and the more "severe" impact it will have on the global economy.
This warning from Nasser is the first time Saudi Aramco has publicly commented on the ongoing conflict sparked earlier this month by the US and Israel's attacks on Iran.
He said in a media conference call that in response to "the greatest crisis facing the region's oil and gas industry," Saudi Aramco will be able to export approximately 5 million barrels of crude oil per day from Yanbu Port on the west coast within days.
Due to Iran's threat to shipping near the Strait of Hormuz, Saudi Aramco's other ports are no longer operating normally, making Yanbu Port the only available export channel at present.
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