Aramco CEO Warns of Long Oil Market Disruption as Profit Jumps

Saudi Aramco’s boss warned of a long disruption to oil markets from the near closure of the Strait of Hormuz, while the company reported a jump in profit following higher prices and its ability to redirect exports via a pipeline bypassing the vital waterway.

“If trade flows resume immediately or today through the Strait of Hormuz, it will take a few months for the oil market to rebalance,” Aramco’s Chief Executive Office Amin Nasser said in emailed comments. “But if trade and shipping remain curtailed by more than a few weeks from today, we anticipate the supply disruption to persist, and the market to normalize only in 2027.”