Saudi Aramco CEO Warns of "Catastrophic Consequences" for Oil Markets Amid Mideast War

• Saudi Aramco CEO Amin H. Nasser warns of "catastrophic consequences" for global oil markets if the Mideast war disrupts energy supplies.
• Nasser stated that prolonged disruption, especially around the Strait of Hormuz (17% of world's oil supply), could severely impact the global economy.
• The company's East-West pipeline, with a 7-million-barrels-per-day capacity, serves as a key alternative to bypass the Strait of Hormuz.
• Aramco is working to bring the East-West pipeline to full capacity and has 2 million barrels per day of spare capacity for quick supply restoration.
• Aramco maintains contingency plans, adequate storage, and a flexible global supply chain to ensure uninterrupted supply to customers.