off-the-wire

Oil market will lose around 100 million barrels every week, if Strait of Hormuz remains closed, Aramco CEO says

Kitco Media
By Reuters
Published:
Updated:
Reuters
Oil market will lose around 100 million barrels every week, if Strait of Hormuz remains closed, Aramco CEO says teaser image

DUBAI, May 11 (Reuters) - The oil market will ​lose around 100 ‌million barrels every week, if the disruptions ​in the Strait ​of Hormuz continue at ⁠the current ​rate and it remains ​closed, the CEO of Saudi oil giant Aramco, ​Amin Nasser, ​said on Monday.

"We expect demand ‌rationing ⁠to continue as long as supply remains disrupted through ​the ​Strait ⁠of Hormuz. If normal trade ​and shipping resume, ​we ⁠anticipate a very robust return to ⁠demand ​growth," he ​added.

Reporting by Yousef Saba; ​Editing by Joe Bavier

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.