According to Aramco's CEO, how much oil is being lost globally each week due to the Strait of Hormuz shutdown, and why can't spare capacity compensate?

According to Saudi Aramco CEO Amin Nasser, global oil markets are losing 100 million barrels every week the Strait of Hormuz remains shut. He explained that most of the world’s spare oil production capacity is located in the Persian Gulf — the same region affected by the disruption — meaning it is not available to offset the shortfall.

What does Aramco's CEO say about the role of inventory drawdowns and market tightness amid rising prices?

Amin Nasser stated that the ability to draw down inventories has masked how tight the global oil market actually is, noting that global stockpiles are running dangerously low. He also pointed to a disconnect between oil prices in futures markets and those for physical barrels, underscoring underlying supply stress despite price volatility.

Aramco Sees 100 Million-Barrel Oil Loss Each Week if Hormuz Is Shut

May 11, 2026

Saudi Aramco CEO Amin Nasser warns that closing the Strait of Hormuz would cause a weekly loss of 100 million barrels, exacerbating global supply shortages and pushing oil prices above $100 per barrel.

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