Hormuz closure creates ‘largest oil supply shock in history’: Aramco chief
Saudi oil giant Aramco’s chief says the closure of the Strait of Hormuz has caused the “largest oil supply shock in history,” saying global markets have lost more than 2.6 billion barrels of supplies since the closure was implemented.
The Saudi state oil company’s President and CEO, Amin Nasser, made the remarks in an interview with Saudi news channel Al Arabiya on Tuesday following the release of the company’s quarterly results.
Claims of Iran agreeing to reopen Hormuz Strait are false: Report https://t.co/G4yurggClu
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According to Nasser, the consequences of the situation extend beyond energy markets, with the disruption bearing implications for global food security.
Iran has devised a specially designated official route for maritime transit through the waterway.
The measure regulates legal passage of seaborne consignments in line with a memorandum of understanding signed between Iran and the United States in June. The memorandum was signed with the aim of bringing an end to the cycle arising from the latest bout of unprovoked American-Israeli aggression against the Islamic Republic that took place from February 28 until April 7.
The US has, however, been trying to discredit the official passageway by seeking to enable transit through an illegal route along the Omani coastline.
Iran has shut down the strait in response pending cessation of Washington’s interference in maritime traffic in the chokepoint.
No country accepts US interference in Strait of Hormuz: Leader’s advisor https://t.co/w0REYlV8e1
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Simultaneously, Yemen’s Armed Forces have been effecting restrictions targeting Saudi transit through Bab el-Mandeb, another strategic strait. The latter restrictions, which seek to force Riyadh to lift an illegal blockade it has imposed on Yemen, have come to pile up more pressure on the kingdom by resulting in a sharp slump in transit through the strait.
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