Aramco CEO Warns Oil Crisis Could Last Until 2027
Saudi Aramco CEO Amin Nasser says oil supplies are running low fast. The Strait of Hormuz remains closed.
Gasoline and jet fuel stocks are dropping quickly. Nasser warned the oil market will not recover until 2027.
That is only if the Hormuz disruption keeps going. He called it the biggest energy shock the world has ever seen.
Reports say the world has lost about one billion barrels of oil in two months. The blockade is the cause.
Still Aramco's profits rose 25% in early 2026 to $32.5 billion. The company's East-West Pipeline is running at full capacity of 7 million barrels per day. This is partly making up for the lost Hormuz route.
Klear Note — The Strait of Hormuz is a narrow waterway between Iran and Oman. About one-third of world's oil passes through it normally. A blockade there disrupts global oil supplies and raises prices worldwide.
Key Terms 4
- Strait of Hormuz Narrow sea passage between Iran and Oman; key oil shipping route
- Saudi Aramco Saudi Arabia's national oil company; one of the world's largest
- Oil inventories Stored oil supplies held by countries and companies
- East-West Pipeline Saudi pipeline moving oil from Gulf to Red Sea, bypassing Hormuz