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Saudi Arabia warns oil market could lose 100 million barrels a week if Strait of Hormuz blockade continues
2026-05-11 16:43:27 / BOTA
The oil market will lose about 100 million barrels a week if the traffic jam in the Strait of Hormuz continues at the current pace, the chief executive of Saudi Arabia's state oil firm, Aramco, warned.
"We expect demand rationing to continue as long as supply remains disrupted through the Strait of Hormuz," said Arim Nasser.
"If normal trade and shipping resume, we anticipate a very strong rebound in demand growth," he stressed.
According to the US Energy Information Administration, global oil supplies were about 106 million barrels per day in 2025 – the equivalent of 740 million barrels per week.
Nasser also warned that if the disruption to shipping in the strait continues for several more weeks, the oil market may not normalize until 2027.
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