Gate News reports that on March 10, the CEO of Saudi Aramco, Amin Nasser, stated that the longer the conflict in the Middle East continues, the more “disastrous” 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 U.S. and Israel’s attacks on Iran. During a media conference call, he said that in response to “the greatest crisis faced by 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 posed by Iran to shipping near the Strait of Hormuz, other Saudi Aramco ports are unable to operate normally, making Yanbu the only available export route at present.
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