Aramco CEO Nasser Says Middle East Turmoil's Impact on Energy Markets "Unprecedented"; East-West Pipeline Capacity Raised to 7 Million Bpd
The president and CEO of Saudi Aramco, Amin Nasser, said in an interview aired on Oct. 22 that the current Middle East situation has dealt an unprecedented blow to energy markets.
Nasser said that since the crisis began, global crude supply has fallen by about 3 billion barrels compared with normal levels. Without releases from global strategic reserves, oil prices would be far above current levels, he said.
The East-West pipeline has played an important role in keeping crude flowing to markets, Nasser said, with its throughput capacity raised from about 2 million barrels per day to 7 million barrels per day. He expects average daily crude demand to rise by about 3 million barrels once the situation normalizes, for consumption and inventory rebuilding.
Saudi crude has traditionally been shipped to international markets from eastern ports via the Strait of Hormuz. The East-West pipeline, which carries crude from Saudi Arabia's eastern producing regions to the western port of Yanbu, serves as a "safety valve" against Hormuz risk — though the pipeline has come under repeated attack recently, raising security concerns.
Speaking at the 25th World Petroleum Congress Energy Conference on Oct. 12, Nasser said global crude inventories were approaching "extremely dangerous" lows and could take two years to return to normal.
Published by GSM · USA (original Chinese edition)
Photo: 图：沙特阿拉伯朱拜勒沙漠地区的输油管道（资料图）。照片：Suresh Babunair，CC BY 3.0，经Wikimedia Commons。Photo: Oil pipelines in the Jubail desert, Saudi Arabia (file photo). Photo: Suresh Babunair, CC BY 3.0, via Wikimedia Commons.
