Aramco warns Israel-Iran tensions could disrupt global oil supply
Business
Saudi Aramco's CEO, Amin Nasser, is raising concerns about the ongoing tensions between Israel, the US and Iran (and what that could mean for global oil).
He points out that nearly one-fifth of the world's oil passes through the Strait of Hormuz, so any serious disruption there could hit energy supplies and economies everywhere.
What is Aramco doing to mitigate risks?
To keep things running smoothly even if the Strait gets blocked, Aramco is ramping up use of its East-West pipeline (which skips Gulf waters) and maintaining adequate storage capacity and storage flexibility, with access to global storage hubs.