World losing 100 million barrels a week of oil with Hormuz closed, Saudi Aramco chief says

World losing 100 million barrels a week of oil with Hormuz closed, Saudi Aramco chief says Submitted by MEE staff on Mon, 05/11/2026 - 18:14 Amin Nasser says their is a disconnect between oil futures prices and physical reality, as he warns about 'demand ‌rationing' Amin Hassan Nasser, CEO of oil giant Aramco, during the Saudi-US investment forum in Riyadh, on 13 May 2025 (Fayez Nureldine/AFP) Off Global oil markets are losing 100 million barrels every week that the Strait of Hormuz is closed, as a result of the US-Israeli war on Iran , the head of Saudi Arabia’s state oil producer said on Monday. “The energy supply shock that began in the first quarter is the largest the world has ever experienced,” Saudi Aramco chief executive officer Amin Nasser told analysts on an earnings call. Nasser said the world is coping with the shock through "demand rationing" of available supplies.