World Lost 1 Bn Barrels Of Oil Due To Iran War, Market Will Take Time To Stabilise: Aramco

The Iran war has not only disrupted traffic through the Strait of Hormuz, but cost billions of barrels of oil over the past two months since the US and Israel launched unprovoked offensive against the Islamic Republic.

According to Aramco’s CEO Amin Nasser, the world has lost over 1 billion barrels of oil due to the Iran war, warning that the energy markets will take time to stabilise even if flows resume.

Read Also: Iran War Could Push World Economy To Brink Of Recession, Warns International Monetary Fund

“Our objective is simple: keep energy flowing, even when the system is under strain,” the Aramco CEO said, speaking to news agency Routers on Sunday, May 10. The Iranian blockade of the Strait of Hormuz has squeezed the global energy supplies significantly, curtailing shipping and price hike.

Read Also: US Senate Rejects Resolution To End War On Iran; Senator Scuffles With Marine Veteran Over Iran War Protest