Saudi Aramco CEO: Oil market could face "catastrophic consequences"

MarsBitNews · 2026-03-10T13:46:32+00:00

Saudi Aramco CEO states that if the Middle East conflict continues, it will have a serious impact on the oil market and the global economy. Saudi Aramco will export 5 million barrels of crude oil daily through Yanbu port within a few days, as other ports are unable to operate normally due to threats from Iran.

MarsBitNews

2026-03-10 13:46:32

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Mars Finance News, March 10 — According to the Financial Times of the UK, Amin Nasser, CEO of Saudi Aramco, the world’s largest oil company, stated on Tuesday that the longer the conflict in the Middle East continues, the more “catastrophic consequences” it will have on the oil market and the “severe” impact on the global economy. Nasser’s warning is the first public comment from Saudi Aramco regarding the ongoing conflict triggered earlier this month by the US and Israel’s attacks on Iran. During a media conference call, he said that in response to “the biggest crisis facing the region’s oil and natural gas industry,” Saudi Aramco will be able to export about 5 million barrels of crude oil daily from the western port of Yanbu within a few days. Due to threats to shipping near the Strait of Hormuz posed by Iran, other Saudi Aramco ports have been unable to operate normally, making Yanbu the only available export route at present.

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