Saudi Aramco President and CEO Amin Nasser stated on Sunday (10th) that over the past two months, the global oil supply has decreased by about 1 billion barrels. The financial report released by Saudi Aramco on the same day shows that the company's net profit in the first quarter of this year increased by approximately 26% year-on-year.
Nasser stated that even if energy flows return to normal, it will still take some time for the entire system to return to regular conditions.
According to the financial report, due to energy price volatility caused by conflicts, the company’s first-quarter net profit was $33.6 billion (about 131.9 billion ringgit), representing an increase of roughly 26% compared to the same period last year.
The report points out that Saudi Aramco’s East-West oil pipeline significantly boosted its transportation capacity in the first quarter, reaching a maximum capacity of 7 million barrels per day, ensuring Saudi oil exports along the Red Sea coast.
Saudi Aramco said that the East-West oil pipeline is a vital supply artery that helps mitigate global energy shocks and provides some assurance to customers affected by shipping restrictions in the Strait of Hormuz.