All articles tagged with #saudi aramco
Saudi Aramco CEO Amin Nasser warned that global oil inventories are critically low, with nearly 3 billion barrels of supply lost since the Iran conflict began. He stated that replenishing stocks could take two years, even after the Strait of Hormuz reopens, as emergency reserves fail to address long-term supply deficits.
At least 11 tankers have been attacked in the Strait of Hormuz since last Monday, with four strikes occurring in the final 48 hours. This surge in violence coincides with a recent increase in oil exports from the Gulf, highlighting the vulnerability of global energy trade. The Saudi-backed government in Yemen announced a major military campaign against Iran-backed Houthis on Sunday, following Houthi strikes on Saudi oil infrastructure. While U.S. forces provide protection for ships, analysts warn that global oil stockpiles are 'scarily thin' and could take up to two years to replenish. Brent crude hovered around $102 per barrel on Monday, as the G7 agreed to release emergency diesel and crude stocks over four months to mitigate shortages.
Saudi Aramco CEO Amin Nasser stated that rebuilding global oil inventories could take up to two years after the US-Iran conflict. He reported that nearly 3 billion barrels of supply were lost, and over 1 billion barrels were drawn from reserves. Nasser described current stockpiles as 'scarily thin' and warned that the system is straining. While Gulf exports have recovered to 80% of pre-war levels, physical crude prices remain at their highest since April. Aramco is exploring alternative export routes to mitigate future disruptions.
Saudi Aramco CEO Amin Nasser warned that global oil stockpiles are 'scarily thin' following a seven-month conflict involving the US, Israel, and Iran. Nasser stated that the war reduced regional supply by nearly 3 billion barrels, with over 1 billion barrels drawn from reserves to cushion the shortfall. He estimated that rebuilding inventories could take up to two years, even after the conflict ends. While Gulf exports have recovered to 15.5 million barrels per day, representing over 80% of pre-conflict volumes, physical crude prices remain at their highest levels since April. Aramco is exploring alternative export routes to mitigate future disruptions.
Crude oil prices fell for a sixth consecutive day on September 23, 2026, marking the longest losing streak since August 2025. Brent crude dropped approximately 1% to $98.30, while WTI crude declined 1.4% to $89.49. The decline was driven by optimism following the first U.S.-Iran diplomatic talks in months, held on the sidelines of the UN General Assembly in New York. Additionally, Saudi Arabia’s East-West pipeline, closed for over 10 days due to drone attacks, resumed partial operations. Aramco aims to restore flows to 4 million barrels per day within weeks, reducing supply concerns related to the Strait of Hormuz.
Saudi Aramco has suspended crude oil shipments to European customers following a drone attack on the East-West pipeline, a move that exacerbates supply fears as Houthi forces seize control of the Bab al-Mandeb strait. While oil prices have spiked above $107 per barrel, President Trump has declined to intervene militarily against the Houthis, citing domestic political constraints and a focus on the Strait of Hormuz. This hesitation has prompted Saudi Arabia to pursue a 14-nation maritime alliance and redefine its role as a global energy guarantor, signaling a shift in the traditional US-Gulf security bargain.
Saudi Aramco has suspended crude oil deliveries to European refiners for October following a drone attack on its critical East-West pipeline. The 1,200-km pipeline, which transports 4-5 million barrels daily, suffered damage to three pumping stations. This halt affects all European buyers under term contracts, forcing them to seek alternative supplies. The disruption represents a significant portion of global oil supply, exacerbating concerns amid ongoing regional conflicts.
Brent crude futures reached approximately $97 per barrel on Monday, marking a near six-week high and a 19 percent monthly increase, driven by intensified military strikes between the United States and Iran in the Strait of Hormuz. The conflict has reduced shipping traffic through the chokepoint to an average of 10 vessels daily, while Saudi Aramco’s Jizan facilities suffered a second attack in a month. US gasoline prices rose to $4.15 per gallon, up 39 percent since the war began in February, with diesel hitting record highs above $5.90. US households have spent an additional $418.82 on fuel compared to normal levels, impacting voter sentiment ahead of midterm elections. China is mitigating the impact by drawing on strategic reserves, increasing Russian imports, and accelerating the shift to electric vehicles.
Brent crude reached a six-week high of $97.73 per barrel on Monday, driven by direct military exchanges between the U.S. and Iran and fresh strikes on Saudi Aramco facilities. U.S. forces sank three Iranian oil tankers over the weekend after Iran fired ballistic missiles at two U.S. Navy warships. Simultaneously, Aramco’s 400,000-barrel-per-day refinery in Jizan, Saudi Arabia, was attacked for the second time in a month. While the U.S. framed the tanker strikes as targeting a 'shadow network' funding Iran’s Revolutionary Guard, Tehran condemned the actions as 'economic warfare.' The Jizan attack, which has no confirmed claimant, threatens a critical Red Sea export route as Saudi Arabia shifts oil west to bypass the Strait of Hormuz.
Saudi Aramco’s Jizan oil facilities were struck on Monday, marking a second attack in a month. The strike, which targets a 400,000-barrel-per-day refinery, has prompted damage assessments and a rise in Brent crude prices. The Houthis, who have not claimed the latest attack, are simultaneously launching a ground offensive in Yemen, signaling a return to full-scale war.
Yemen’s Houthis say they attacked Saudi Aramco’s Jazan refinery with a drone, causing a fire that was extinguished with no injuries; the strike comes as Saudi Arabia signs a defense pact with Turkey and Pakistan and follows other Houthi attacks on Aramco sites and Red Sea infrastructure amid broader regional energy-security tensions.
Oil prices fell over the week to about $96 Brent despite Middle East tensions and Hormuz disruptions, marking OilPrice’s biggest weekly decline since 2025 as March OPEC+ output cuts and Saudi field outages limit supply, while China allows SPR draws and other nations move to bolster energy security.
Saudi Aramco has offered prompt crude via rare spot-market tenders as the Strait of Hormuz closures force rerouting of shipments through the Red Sea, disrupting contracted flows.
Oil prices dropped below $64 due to OPEC+ uncertainties and US-China tensions, with potential for further declines if OPEC+ increases output unexpectedly. Saudi Arabia and Russia consider boosting production, while other global oil developments include Canadian wildfires, Libya's instability, Iran's nuclear negotiations, Chevron's exit from Venezuela, and major mergers and deals in the energy sector. The market remains volatile amid geopolitical and economic factors.
Saudi Arabia is reducing oil prices for Asian buyers more than anticipated after OPEC+ postponed increasing output, indicating a weak market outlook. Saudi Aramco will sell its Arab Light crude at a 90-cent premium per barrel to the regional benchmark in January, down from $1.70 this month, contrary to expectations of a smaller reduction.