1 Billion Barrels of Global Oil Exports Vanished After Hormuz Blockade: Saudi Aramco

Global oil markets have faced major disruption over the past two months following a big reduction in crude flows through the Strait of Hormuz.

According to the Saudi Aramco CEO Amin Nasser, the world has temporarily lost access to roughly 1 billion barrels of oil supply.

Despite the disruption, Saudi Aramco reported a 25 percent increase in first-quarter net profit, reaching $32.5 billion for the three months ending March 31. The result exceeded market expectations of about $30.95 billion, supported by higher crude prices and stronger sales volumes of oil.

Revenue rose nearly 7 percent year-on-year to $115.49 billion.

Aramco said it has relied heavily on its East–West pipeline system, which has operated at full capacity of around 7 million barrels per day despite reduced shipping access through the Strait of Hormuz.

Of that capacity, roughly 2 million barrels per day are directed to refineries on Saudi Arabia’s west coast, while the remainder is available for export via the Red Sea port of Yanbu.

Nasser described the pipeline as a critical backup route during the disruption.

The Strait of Hormuz has seen severely restricted flows amid ongoing regional tensions, forcing producers in the Gulf to reroute shipments and adjust output strategies.

Many countries dependent on arab oil imports have seen local fuel prices hit new highs in the past 3 months.