Aramco CEO warns of catastrophic consequences if oil disruption continues

Amin Nasser said continued disruptions to Middle East energy supplies could be "catastrophic," and Aramco is routing more oil through its East–West pipeline toward about 7 million barrels per day capacity.

Amin Nasser, chief executive of Saudi Aramco, warned analysts that continued disruptions to energy supplies in the Middle East could have "catastrophic" consequences. He described the Iran war as the region's largest crisis for oil and gas. Aramco said it is increasing volumes sent through the East–West pipeline across Saudi Arabia to the Red Sea to bypass the Strait of Hormuz. The company reported the pipeline can handle about 7 million barrels per day and expected to reach that level within days. Known developments: - Amin Nasser warned further disruptions to energy supply could be "catastrophic" and called the Iran war the biggest crisis the regional oil and gas industry has faced. - Aramco is routing more crude through the East–West pipeline, which it says has capacity of about 7 million barrels per day and should reach that capacity within days. - The Strait of Hormuz remains closed to through traffic, and the United Arab Emirates said it took the Ruwais refinery offline as a precaution. Summary: Nasser's remarks underscore risks to global oil flows and to related sectors such as shipping and insurance. Aramco is relying on the East–West pipeline while the Strait of Hormuz is closed. Undetermined at this time.