Saudi Aramco CEO: Middle Eastern oil and gas face the biggest crisis in history, with approximately 180 million barrels of oil supply disrupted

WealthCoffee · 2026-03-11T10:43:16+00:00

The Middle East crisis is escalating, with Saudi Aramco CEO Nasser stating that approximately 180 million barrels of oil supply have been interrupted. The Strait of Hormuz has become a critical route for global oil transportation, with about 17% of the world's oil passing through this strait. The US-Iran conflict has led to a large number of international ships being stranded, affecting global trade.

WealthCoffee

2026-03-11 10:43:16

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[Caixin] “The Middle East crisis is rapidly escalating, becoming the biggest threat to the region’s oil and gas industry to date.” Amin Nasser, President and CEO of Saudi Aramco (2222.se), the world’s largest oil company, stated during the annual earnings conference call on March 10.

Nasser said that approximately 180 million barrels of oil supply have been disrupted in the Middle East, and the number continues to grow daily. He noted that about 17% of global oil supplies pass through the Strait of Hormuz, traveling from the Middle East to the rest of the world.

Since the escalation of the US-Iran conflict, thousands of international ships, including oil tankers, container ships, and bulk carriers, have been stranded on both sides of the strait. The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf, Oman Gulf, and Arabian Sea. It is known as the “world’s oil valve,” with nearly 30% of global trade volume passing through its oil transportation routes, about 80% of which are destined for Asian markets; LNG (liquefied natural gas) transit accounts for nearly 20% of global trade; and the volume of metals, fertilizers, and methanol accounts for 24.4%, 33.1%, and 32%, respectively. (See Caixin Weekly cover story “The Hormuz Strait Dilemma”)

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