Saudi Aramco CEO Amin Nasser stated on May 11, 2026, that the global oil market has lost approximately 1 billion barrels of oil over the past two months, a disruption that will slow the recovery of energy markets even after supply flows resume. The loss is attributed to the ongoing blockade of the Strait of Hormuz, a critical chokepoint for global oil shipments.
Aramco reported a 25% increase in quarterly profit for the first quarter of 2026, driven by higher oil prices and increased production capacity. However, Nasser cautioned that the prolonged disruption has created a significant supply gap that will take time to fill, as inventories have been drawn down and spare capacity is limited.
The Strait of Hormuz blockade, which began in March 2026, has reduced global oil supply by an estimated 3-4 million barrels per day, according to industry analysts. Nasser emphasized that while Aramco has maintained production, the overall market faces a slow recovery path due to the cumulative loss of 1 billion barrels.
Analysts note that the loss represents about 1% of global annual oil consumption, and the recovery could take several months, depending on the duration of the blockade and the ability of producers to ramp up output. Aramco's profit jump reflects higher prices, but the company warned of continued volatility.
