RIYADH — Saudi Aramco President and CEO Amin Nasser warned that a prolonged closure of the Strait of Hormuz could have catastrophic consequences for the global oil markets. “There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on… the more drastic the consequences for the global economy. While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced,” he said while addressing a press conference following the announcement of the company’s 2025 results in Riyadh on Tuesday. Nasser stated that the impact of the current crisis extends beyond the shipping and insurance sectors, posing the risk of severe cascading effects across aviation, agriculture, automotive, and other industries. He noted that global oil inventories have fallen to their lowest level in five years and that the crisis is likely to accelerate the pace of inventory depletion. He stressed that the resumption of shipping through the Strait of Hormuz is of critical importance. Nasser emphasized that the disruption could lead to catastrophic consequences for global oil markets, warning that the longer it persists, the more severe its repercussions will be for the global economy.Regarding the Iranian attack on the Ras Tanura refinery, Nasser said that the minor fire that broke out as a result of the attack was swiftly extinguished and brought under control, adding that the refinery is currently in the process of restarting operations.RIYADH — Saudi Aramco President and CEO Amin Nasser warned that a prolonged closure of the Strait of Hormuz could have catastrophic consequences for the global oil markets. “There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on… the more drastic the consequences for the global economy. While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced,” he said while addressing a press conference following the announcement of the company’s 2025 results in Riyadh on Tuesday. Nasser stated that the impact of the current crisis extends beyond the shipping and insurance sectors, posing the risk of severe cascading effects across aviation, agriculture, automotive, and other industries. He noted that global oil inventories have fallen to their lowest level in five years and that the crisis is likely to accelerate the pace of inventory depletion. He stressed that the resumption of shipping through the Strait of Hormuz is of critical importance. Nasser emphasized that the disruption could lead to catastrophic consequences for global oil markets, warning that the longer it persists, the more severe its repercussions will be for the global economy.Regarding the Iranian attack on the Ras Tanura refinery, Nasser said that the minor fire that broke out as a result of the attack was swiftly extinguished and brought under control, adding that the refinery is currently in the process of restarting operations.
