Saudi Aramco Warns Hormuz Crisis May Prolong Oil Mkt Turbulence Into Next Yr
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Saudi Aramco CEO Amin Nasser warned that a near closure of the Strait of Hormuz could lead to prolonged disruptions in the oil market, potentially extending into next year. Despite this, the company's adjusted profit for Q1 rose 26% YoY to approximately USD 33.6 billion, driven by increased sales volumes and rising prices of crude and refined products. Even with a resumption of trade, the oil market may take months to rebalance, and ongoing disruptions could hinder a return to normalcy.
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