AkoniTV May 11, 2026 Global Leave a comment 14 Views

The Chief Executive Officer of Saudi Aramco, Amin H. Nasser, has warned that the ongoing Middle East conflict has triggered the world’s biggest energy shock, with oil markets likely to remain unstable until 2027.

Speaking to investors on Monday, Nasser said the closure of the Strait of Hormuz caused a massive disruption in global oil supply, leading to sharp increases in crude prices and energy market uncertainty.

According to him, even if the Strait of Hormuz reopens immediately, it could still take months for global oil markets to recover fully.

“The energy supply shock that began in the first quarter is the largest the world has ever experienced,” Nasser said.

He explained that the market has already lost nearly one billion barrels of oil due to the crisis, warning that every additional week of disruption could remove another 100 million barrels from global supply.

Oil prices surged above 100 dollars per barrel in March after Iran shut down the key shipping route, raising fears of a prolonged global energy crisis.

Nasser said Saudi Aramco has been using its East-West pipeline at full capacity to maintain oil exports and reduce the impact of the blockade.

He added that strong oil demand is expected once normal shipping activities resume in the region.