Aramco says US-Iran war has cost the global market 2.6 billion barrels of oil
XLE•Gulf conflict expanding into the Red Sea
The supply disruption could widen after Iran-aligned Houthi forces announced a blockade of Saudi Arabia's oil industry last month, adding pressure to Red Sea shipping and broadening the fallout from the conflict.
The blockade threatens both the East-West Pipeline route from eastern Saudi Arabia to the Red Sea port of Yanbu — a key alternative to Hormuz — and Saudi export terminals on the Red Sea.
Yemen's Houthi militants also targeted Saudi oil installations at two Red Sea ports last month as the Gulf conflict expanded to a second front.
Nasser said recent attacks on facilities had caused some production interruptions, but said he was confident Aramco could restore operations quickly. The targeting of the facilities had no material impact operationally or financially, he added.
He said Aramco's storage capacity, its export terminals, and its ability to ramp up exports through the East-West Pipeline, a route he has previously described as a critical lifeline, were key to this.
