Aramco warns world is nearing severe fuel crisis

Saudi oil giant Saudi Aramco has warned that global petrol and jet fuel stocks could fall to “critical levels” by the summer if the Strait of Hormuz remains closed, according to the Financial Times. The warning marks a rare and high-profile intervention by the world’s largest oil company amid growing concerns over a worsening energy crisis following the war with Iran. Aramco chief executive Amin Nasser said the depletion of onshore reserves was accelerating rapidly, with refined fuels, including petrol and jet fuel, seeing the sharpest decline. He said the world had effectively lost the equivalent of around one billion barrels of oil since the start of the war with Iran and the closure of the Strait of Hormuz. He […]