Aramco's chief executive says the Persian Gulf crisis has kept 2.6 billion barrels of oil out of the global market

Amin H. Nasser, chief executive of Saudi Aramco, said on Tuesday, 13 Mordad 1405 (August 4, 2026), alongside the release of the company's second-quarter results, that the current Persian Gulf crisis has so far kept 2.6 billion barrels of oil from reaching consuming markets. He described the situation as the biggest supply shock in history, covering oil destined for industries such as agriculture, semiconductors, automotive, chemicals and manufacturing.

Speaking to analysts after the results, Nasser said the company's East-West pipeline and global inventories had absorbed part of the shock, lowering the net loss to around 1.8 billion barrels. Aramco has used its 1,200 kilometre pipeline to the Red Sea to bypass the Strait of Hormuz and has kept exports at a maximum capacity of 7 million barrels per day.

He warned that even if the Strait of Hormuz were to reopen today, replacing depleted inventories would take up to 18 months at an average rate of 2.1 million barrels per day. The figures indicate that the effect of the Hormuz disruption on the global supply balance would persist for months after the crisis ends, even under a scenario in which a deal is reached and the strait reopens.