Aramco President and CEO Amin Nasser said Saudi Arabia is working to expand its oil export capacity through Yanbu in the Red Sea to more than 5 million barrels per day as the Strait of Hormuz remains almost completely closed. Because of the Iran war.
“In terms of the two terminals in Yanbu, we have an export capacity of about 5 million barrels (North Yanbu and South Yanbu) and we are increasing it. We are looking forward to exceeding 5 million barrels of export capacity with these two terminals,” Al-Nasser said during a conference call with investors about the energy giant’s first quarter results.
100 million barrels loss
On the oil supply side, Al-Nasser added: “As the Strait of Hormuz remains closed, the global energy market is losing about 100 million barrels of oil every week.”
Al-Nasser estimated that the oil market has lost around 1 billion barrels since the start of the war at the end of February, which has hurt many industries, including agriculture, semiconductors, transportation and petrochemicals.
Demand growth slows down
Al Nasser explained that amid demand rationalization on the consumer side, there are widespread expectations that demand growth could reach around 700,000 to 900,000 barrels per day this year if the shutdown continues. Due to supply disruption.
He added: “Once shipping volumes return to normal, we expect a return to very strong demand growth, far exceeding our initial forecast for growth in 2026.”
Aramco CEO Amin Nasser has revealed that Saudi Arabia is working to expand oil export capacity through Yanbu in the Red Sea to more than 5 million barrels per day as the Strait of Hormuz remains almost completely closed due to the Iran war.
“Regarding the Yanbu terminal, we have approximately 5 million barrels of export capacity (North Yanbu and South Yanbu) and we are in the process of increasing that. We look forward to exceeding 5 million barrels of export capacity at these two terminals,” Nasser said during a conference call with investors about the energy giant’s first quarter results.
100 million barrels loss
On the oil supply side, Nasser added: “The global energy market is losing about 100 million barrels of oil every week as the Strait of Hormuz remains closed.”
Nasser estimated that the oil market has lost about 1 billion barrels since the start of the war at the end of February to date, noting that this has hurt several industries such as agriculture, semiconductors, transportation and petrochemicals.
Slowdown in demand growth
Nasser said widespread forecasts suggest demand growth could reach around 700,000 to 900,000 barrels per day this year if the shutdown continues, as demand from consumers rationalizes due to supply disruptions.
He added: “Once shipping volumes return to normal, we expect a return to very strong demand growth, far exceeding our initial expectations for growth in 2026.”
