Saudi Aramco CEO: Strait of Hormuz Closure Would Cut Global Oil Market Supply by About 1 Million Barrels per Day

BlockBeats News, May 11th - Saudi Aramco's CEO stated on Monday that if the current disruption in the Strait of Hormuz continues and remains closed, the global oil market will lose approximately 100 million barrels of supply per week.

He added, "As long as the supply disruption in the Strait of Hormuz persists, we expect the phenomenon of quota demand to continue. If trade and shipping return to normal, we anticipate a very strong demand rebound."