Amin Nasser warns oil market could remain shaky into 2027
Saudi Aramco CEO Amin Nasser says the global oil market might stay shaky for months after the near-shutdown of the Strait of Hormuz, even if things get moving again soon.
If shipping issues drag on, he warns it could take until 2027 for everything to feel normal.
The ongoing Middle East conflict has basically stalled traffic through this key route and sent oil prices soaring close to $100 a barrel.
Aramco reroutes exports, posts 26% profit
To keep oil flowing, Aramco has started sending some exports through its East-West pipeline to the Red Sea, but these shipments still have not bounced back to what they were before the conflict.
Despite all this chaos, Aramco managed a 26% jump in first-quarter profit of 126 billion riyals thanks to higher prices and even kept its quarterly dividend at $21.9 billion.
Some tankers are reportedly turning off their tracking devices while passing through Hormuz, a sign of just how tense things have gotten.