Saudi Aramco CEO Amin Nasser has described the impact of the wars against Iran and Yemen on global energy markets as “unprecedented,” saying around 3 billion barrels of oil supply have been lost since the Riyadh’s war on Yemen began.
Nasser told Al Arabiya Business TV on Thursday that Aramco relied on three oil export routes before the US-Israeli war against Iran, and Saudi war against Yemen: the Strait of Hormuz, the Bab al-Mandab Strait and Egypt’s Sidi Kerir port.
With vital shipping corridors disrupted by these wars, Aramco is conducting “engineering studies” to identify new export routes.
Nasser also revealed that Aramco is working to establish a third gas network, while studies for a fourth network are also under consideration.
Regarding potential gas exports, he said Aramco would consider selling the fuel abroad only “if domestic needs in Saudi Arabia are met.”
Aramco is Saudi Arabia’s state-owned oil and gas company, wholly owned by the government in Riyadh and a cornerstone of the kingdom’s economy.
The company operates 15 refineries, four of which it fully owns, while the remaining 11 are operated in partnership with other companies.
Iran closed the Strait of Hormuz in response to the latest round of US-Israeli aggression, blocking US and allied vessels, including Saudi ships, from navigating the strategic waterway.
The closure sent shockwaves through global energy markets, driving up oil and fuel prices, particularly in the US, and forcing Washington and the International Energy Agency (IEA) to release strategic reserves on several occasions in an effort to ease the supply crunch.
Following the signing of the Islamabad Memorandum of Understanding (MoU) between Iran and the US in June, Tehran reopened the Strait of Hormuz, but Iran’s Armed Forces shut the maritime corridor again after Washington violated the agreement by imposing a blockade on Iranian ports.
Saudi Arabia has since faced another major challenge to its energy exports along the Red Sea, where Yemeni forces launched a counteroffensive after more than a decade of Saudi-led war and blockade against Yemen, which began in 2015 when Riyadh intervened militarily to restore a former regime.
In recent weeks, Saudi Arabia has sharply escalated its aggression against Yemen, with Yemeni officials reporting hundreds of airstrikes across the country.
In response, the Yemeni Armed Forces have launched major operations along the Red Sea coast, driving Saudi-supported militants from strategic positions, capturing the port city of Mokha and advancing toward the Bab al-Mandab Strait.
Yemeni forces have also seized strategic areas and islands around the waterway, strengthening their position near the critical chokepoint and placing further pressure on Saudi-linked maritime traffic.
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