Saudi Aramco, the world’s largest oil producer responsible for roughly 10% of global crude supply, says it expects to maintain about 70% of its normal exports within days by redirecting shipments through the Red Sea port of Yanbu.
Speaking on an earnings call, Amin Nasser, chief executive of Saudi Aramco, warned the ongoing US–Iran war could have “catastrophic consequences” for global energy markets and the wider world economy if the conflict continues.
Around 20% of global oil supply has been affected by the crisis as regional exporters face shipping disruptions and infrastructure risks.
Key developments
• Saudi Aramco plans to use its east-west pipeline, capable of moving 7mn barrels per day, to supply Yanbu.
• Oil prices surged during the conflict, with Brent crude nearing $120 per barrel before falling amid ceasefire speculation.
• A drone attack forced the shutdown of the Ruwais refinery in the United Arab Emirates, which produces about 900,000 barrels per day.
The company reported $104.7bn adjusted net income in 2025, down 5% from the previous year.
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