Saudi Aramco: Energy Market Facing Unprecedented Shock

Amin Nasser, president and CEO of Saudi Arabian Oil Company (Saudi Aramco), said in an interview that the current Middle East situation has caused an unprecedented shock to energy markets. In an interview broadcast on the 22nd, Nasser said that since the crisis began, global crude oil supply has fallen by about 3 billion barrels compared with normal levels. Without the release of global strategic reserves, oil prices would be far above current levels. Nasser said Saudi Arabia's East-West pipeline has played an important role in keeping crude supply stable, and its transport capacity has been raised from about 2 million barrels per day to 7 million barrels per day. He expects that once the situation returns to normal, daily crude demand will rise by about 3 million barrels as consumption and inventory replenishment resume. (CCTV News)