"Aramco, the world's largest oil company, said Sunday its first quarter profit jumped 25% as the Iran war disrupted oil supplies and raised prices. Dhahran, Saudi Arabia-based Aramco said it successfully shifted some oil exports to a pipeline to avoid the Strait of Hormuz, which has been disrupted by the war."
"Aramco President and CEO Amin Nasser said the company's East-West Pipeline, which runs across Saudi Arabia from its Eastern oil fields to the Red Sea, is now operating at its maximum capacity of 7 million barrels of oil per day. Nasser said the pipeline is "helping to mitigate the impact of a global energy shock and providing relief to customers.""
"Before the war, 20% of the world's traded oil typically flowed through the strait every day, as well as large supplies of natural gas, fertilizer and other petroleum products. Iran effectively seized control of the critical waterway after the U.S. and Israel attacked it on Feb. 28. A U.S. naval blockade imposed last month also complicates its use."
""Recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy, and are a stark reminder that reliable energy supply is critical," Nasser said in a statement. "Despite these headwinds, Aramco remains focused on its strategic priorities and is leveraging both its domestic infrastructure and its""
Aramco reported first-quarter profit of $32.5 billion, up 25% from the same period a year earlier, as war disruptions affected oil supplies and increased prices. The company shifted some exports to its East-West Pipeline across Saudi Arabia to the Red Sea to avoid the Strait of Hormuz, which has been disrupted by the conflict. Brent crude rose 2.58% to $103.91 per barrel, remaining well above pre-war levels near $70. Aramco said the pipeline is operating at maximum capacity of 7 million barrels per day, helping mitigate a global energy shock. The strait previously carried about 20% of traded oil daily, along with major flows of gas and other petroleum products, but its use has been complicated by attacks and a U.S. naval blockade.
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