Aramco CEO: Oil Market May Face 'Disastrous Consequences'

BlockBeats News, March 10th, according to the Financial Times, the world's largest oil company Saudi Aramco's CEO Amin Nasser said on Tuesday that the longer the Middle East conflict lasts, the more "disastrous consequences" it will have on the oil market and the more "severe" impact it will have on the global economy.

Nasser's warning is Saudi Aramco's first public comment on the ongoing conflict sparked by the US and Israel's attacks on Iran earlier this month.

He stated in a media conference call that in response to "the greatest crisis facing the region's oil and gas industry," Saudi Aramco would be able to export about 5 million barrels of crude oil per day from Yanbu Port in the coming days.

Due to Iran's threat to shipping near the Strait of Hormuz, Saudi Aramco's other ports are no longer operational, making Yanbu Port the only available export outlet at the moment.