Saudi Arabia Tells OPEC April Oil Output Falls to Lowest Since 1990
Saudi Arabia told OPEC that its crude oil production fell further in April to the lowest level since 1990, underscoring how the Iran war has choked off exports from the Persian Gulf and extended the hit to Gulf oil supply. The report provides a new official measure of the damage after weeks of disruption tied to the conflict and the closure of the Strait of Hormuz.
The Saudi figures add to earlier warnings from Saudi Aramco Chief Executive Officer Amin Nasser, who said the Hormuz disruption had caused the biggest energy supply shock on record and could strip about 100 million barrels from the market for every week the waterway remains closed. The US Energy Information Administration said it assumes the strait stays shut through late May, estimated 10.5 million barrels a day of crude output was shut in during April across Iraq, Saudi Arabia, Kuwait, the UAE, Qatar and Bahrain, and warned oil prices would be about $20 a barrel higher if the closure extends through late June.
From the sources (25 posts)
@oilheadlinenewsSAUDI ARAMCO CEO NASSER: ENERGY SUPPLY SHOCK THAT BEGAN IN Q1 IS THE LARGEST THE WORLD HAS EVER EXPERIENCED
@joumannatvNEW 🚩 “Oil market will lose 100 million barrels a week every week the Strait is shut” - @aramco CEO Amin Nasser on earnings call, adds “lack of supply will become more apparent in June” Aramco’s own capacity of 12mb/d still intact. They a
@firstsquawkSAUDI ARAMCO CEO NASSER: WE ARE MAXIMISING PRODUCTS AT THIS STAGE BECAUSE OF HIGHER MARGINS, DEPENDS ON THE SITUATION, BUT THAT MIGHT BE THE CASE UNTIL THE STRAIT OF HORMUZ IS REOPENED
@firstsquawkSAUDI ARAMCO CEO NASSER WARNED THAT DELAYS WILL MAKE IT HARDER FOR OIL PRODUCERS TO RESTORE PRODUCTION DUE TO TECHNICAL ISSUES AFTER LONG SHUTDOWNS.
@zerohedge*ARAMCO'S MAX OIL CAPACITY OF 12M B/D IS INTACT, AVAILABLE: CEO
@amena__bakrAramco’s CEO Amin Nasser: The supply disruption has led to demand rationing and a wide range of forecasts are indicating demand growth at around 700,000 to 900,000 barrels a day
@firstsquawkSAUDI ARAMCO CEO NASSER: EVEN IN THE MOST OPTIMISTIC SCENARIO, ENERGY AND COMMODITY SUPPLY CHAINS WILL NEED SEVERAL MONTHS TO RETURN TO THE PRE-CONFLICT TRAFFIC AS VESSELS RE-ROUTE OR AVOID BEING IDLE
@financialjuiceSaudi Aramco CEO Nasser: Even in the most optimistic scenario, energy and commodity supply chains will need several months to return to the pre-conflict traffic as vessels re-route or avoid being idle.
@amena__bakrAramco’s CEO Amin Nasser: Even in the most optimistic scenario, energy and commodity supply chains will need several months to return to the pre-conflict traffic as vessels re-route or avoid being idle. #OOTT
@firstsquawkSAUDI ARAMCO CEO NASSER: THE URGENCY TO ENSURE SECURITY OF SUPPLY WILL LEAD TO RAPID RESTOCKING AND REBUILDING OF STRATEGIC RESERVES AND COMMERCIAL INVENTORIES
@faytuksnetworkSaudi Aramco CEO Amin Nasser says if the Strait of Hormuz opens today, then it will still take months for the market to rebalance.
@amena__bakrAramco’s CEO Amin Nasser: If the disruption continues at this rate, the market will lose around 100 million barrels for every week the Strait of Hormuz remains closed. This loss will have to be covered by onshore inventories - the only buff
@amena__bakrAramco’s CEO Amin Nasser: As you know, the disruption to trade and shipping via the Strait of Hormuz has caused the biggest-ever energy supply shock in history. #OOTT
@firstsquawkSAUDI ARAMCO CEO NASSER: IF NORMAL TRADE AND SHIPPING RESUME, WE ANTICIPATE A VERY ROBUST RETURN TO DEMAND GROWTH
@osint613Saudi Aramco CEO Nasser: If the current disruptions continue at this rate, market will lose around 100 million barrels of oil every week the Strait remains closed.
@firstsquawkSAUDI ARAMCO CEO NASSER: WE EXPECT DEMAND RATIONING TO CONTINUE AS LONG AS SUPPLY REMAINS DISRUPTED THROUGH THE STRAIT OF HORMUZ
@firstsquawkSAUDI ARAMCO CEO NASSER: IF THE CURRENT DISRUPTIONS CONTINUE AT THIS RATE, MARKET WILL LOSE AROUND 100 MILLION BARRELS OF OIL EVERY WEEK THE STRAIT REMAINS CLOSED
@financialjuiceSaudi Aramco CEO Nasser: If the current disruptions continue at this rate, market will lose around 100 million barrels of oil every week the Strait remains closed.
@zerohedgeSAUDI ARAMCO CEO NASSER: IF REQUIRED, WE CAN EXPECT TO REACH OUR MAXIMUM SUSTAINABLE OIL PRODUCTION CAPACITY OF 12M BPD IN THREE WEEKS SAUDI ARAMCO CEO NASSER: IF HORMUZ DISRUPTION CONTINUES FOR A FEW MORE WEEKS, NORMALIZATION WON'T HAPPEN
@osint613Saudi Aramco CEO Nasser: If required, we can expect to reach our maximum sustainable oil production capacity of 12 million bpd in three weeks.
@firstsquawkSAUDI ARAMCO CEO NASSER: IF REQUIRED, WE CAN EXPECT TO REACH OUR MAXIMUM SUSTAINABLE OIL PRODUCTION CAPACITY OF 12M BPD IN THREE WEEKS
@osint613Aramco's CEO Amin Nasser: Energy supply shock is the largest ever experienced
@firstsquawkSAUDI ARAMCO CEO NASSER: IF HORMUZ DISRUPTION CONTINUES FOR A FEW MORE WEEKS, NORMALIZATION WON'T HAPPEN UNTIL INTO 2027
@firstsquawkSAUDI ARAMCO CEO NASSER: IF THE STRAIT OF HORMUZ OPENS TODAY, THEN IT WILL STILL TAKE MONTHS FOR THE MARKET TO REBALANCE
@stockmktnewzSaudi Aramco’s 🇸🇦 CEO just said: - If required, we can expect to reach our maximum sustainable oil production capacity of 12 million barrels per day in three weeks