Disruption to oil exports via the Strait of Hormuz is threatening to delay the market’s return to normal until 2027, Saudi Aramco CEO Amin Nasser warned on Monday.
“The longer the supply disruptions continue, even for another few more weeks, it is going to take a much longer time for the oil market to rebalance and stabilize,” Nasser told analysts on a call to discuss the company’s first-quarter results, which were released on Sunday and beat expectations.
For all the latest headlines, follow our Google News channel online or via the app.
The recovery could drag into 2027 if the situation continues until mid-June, Nasser said.
The impact of the Iran war, including the effective closure of the strait, has already been called the biggest disruption to the energy market in history.
