Aramco Sees Hormuz Halt Causing 100 Million-Barrel Oil Loss

Global oil markets are losing 100 million barrels every week the Strait of Hormuz is shut, compounding a supply shortage that has already made the Middle East war the most significant supply disruption ever, according to the head of Saudi Arabia’s state oil producer.

That shortfall in supply is being met by companies and governments dipping into storage, with global stockpiles running dangerously low, Saudi Aramco Chief Executive Officer Amin Nasser said on a conference call with analysts. Most of the world’s spare oil production capacity is located in the Persian Gulf, meaning it’s not available to help address the shortfall, he said.