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The global oil market will lose 100 million barrels weekly due to the closure of the Strait of Hormuz

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The oil market will lose 100 million barrels every week due to the closure of the Strait of Hormuz. Aramco predicts demand growth only after the resumption of shipping.

The global oil market will lose about 100 million barrels every week if disruptions in the Strait of Hormuz persist at current levels and the strait itself remains closed. This was stated on Monday by the CEO of the Saudi oil company Aramco, Amin Nasser, Reuters reports, according to UNN.

"We expect demand constraints to continue as long as supplies through the Strait of Hormuz remain disrupted. If normal trade and shipping resume, we forecast a very strong return to demand growth,"

- he added.

As a reminder

Indian Prime Minister Narendra Modi urged citizens to reduce fuel consumption, use public transport more actively, and temporarily forgo non-essential foreign travel.

Global jet fuel shortage could disrupt summer tourist season - Bloomberg11.05.26, 16:20

Olga Rozgon Economy
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