The world has lost approximately 1 billion barrels of oil over the last two months, and energy markets will need time to stabilize even if flows are restored, Saudi Aramco President and CEO Amin Nasser stated on Sunday.

The comments followed the company’s financial results, which recorded a 25.5% increase in net profit for the first quarter compared to the same period last year, driven by rising oil and gas prices following the war in the Middle East.

"Our goal is simple: to keep energy flowing, even when the system is under pressure," Nasser told Reuters.

The global energy market is facing severe pressure due to Iran’s blockade of the Strait of Hormuz, which has restricted shipping and pushed oil prices higher following the U.S.–Israel conflict. "Opening the routes does not necessarily mean the normalization of a market that has been deprived of about a billion barrels of oil," Nasser said, adding that years of underinvestment in the energy sector have worsened the strain on already limited global reserves.

Aramco is utilizing its East-West pipeline to bypass Hormuz and transport crude toward the Red Sea, an infrastructure Nasser described as a "critical lifeline" for mitigating the global supply crisis.

• Net Profit (Q1 2026): $32.04 billion (up from $25.51 billion in Q1 2025).
• Price Surge: Crude jumped from roughly $60 in early February to over $100 in March.
• Recovery: This marks Aramco's first profit increase after 12 consecutive quarters of negative or declining results.

Nasser characterized the results as a sign of "resilience and operational flexibility within a complex geopolitical environment."

Source: Brief