The oil market will lose around 100 million barrels every week, if the disruptions in the Strait of Hormuz continue at the current rate and it remains closed, the CEO of Saudi oil giant Aramco, Amin Nasser, said on Monday.
“We expect demand rationing to continue as long as supply remains disrupted through the Strait of Hormuz. If normal trade and shipping resume, we anticipate a very robust return to demand growth,” he added.
(Reporting by Yousef Saba; Editing by Joe Bavier)