May 25, 2024

Aramco CEO predicts tighter oil markets, sees Red Sea risks

Riyadh: Reuters, Cairopost, Eman Elkomy

Aramco CEO predicts tighter oil markets, sees Red Sea risks Global oil markets will cope with Red Sea disruptions in the short run, although prolonged attacks by the Houthis on ships would lead to a shortage of tankers due to longer voyages and a supply delay, the CEO of Saudi oil giant Aramco said.

Amin Nasser told  he expected the oil market to tighten after consumers depleted stocks by 400 million barrels in the last two years, which left OPEC’s spare capacity as the main source of additional supply to meet rising demand.

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