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Aramco CEO: Oil Market May Face 'Disastrous Consequences'

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March 10 — Saudi Aramco CEO Amin Nasser, head of the world’s largest oil company, warned Tuesday (per the Financial Times) that the longer the Middle East conflict drags on, the more “disastrous” the consequences for the oil market and the more “severe” the hit to the global economy. This marks the first public comment from Saudi Aramco on the ongoing conflict sparked earlier this month by U.S. and Israeli strikes against Iran. Speaking in a media conference call, Nasser noted that in response to “the biggest crisis facing the region’s oil and gas sector,” Saudi Aramco will be able to export roughly 5 million barrels of crude oil per day via Yanbu Port on the west coast within days. Iran’s threats to shipping near the Strait of Hormuz have disrupted normal operations at Saudi Aramco’s other ports, leaving Yanbu Port as the only available export channel currently.
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