Aramco CEO Warns Oil Market May Not Normalise Before 2027
Saudi Aramco CEO Amin Nasser warned that the global oil market may not normalise until 2027 if the Strait of Hormuz disruption persists. Inventories are drawing down quickly as the supply balance keeps tightening.
Saudi Aramco Chief Executive Amin Nasser said the global oil market is unlikely to return to its previous balance before 2027 if the Strait of Hormuz remains closed. Nasser stressed that global inventories are drawing down rapidly and supply is no longer keeping up with demand.
Tanker traffic through the strait has been severely disrupted for three weeks as tensions between Iran and the United States deepen. Brent crude has held above $100 a barrel, while JP Morgan and other major investment banks expect prices to stay elevated through the end of the year.
The Aramco chief said OPEC+ spare capacity may not be sufficient to offset the losses. Asian refiners have stepped up purchases from US and Atlantic basin grades, while European energy ministers have begun discussing coordinated steps to draw down strategic stockpiles if needed.
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