According to Saudi Aramco’s chief executive, the energy supply shock that began in the first quarter of 2026 represents the largest global disruption in history. The company said it could raise crude oil production to its maximum sustainable capacity of 12 million barrels per day within three weeks if needed. The CEO added that even if the Strait of Hormuz reopens today, the market would still require several months to restore balance.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
White House Official Dismisses High Energy Prices as U.S. Recession Risk
According to recent reports, Harassed, director of the White House National Economic Council, stated that high energy prices are extremely unlikely to trigger a U.S. economic recession.
GateNews4m ago
Polymarket WTI Crude Oil Contract Hits 66% Probability of $105 in May 2026, Up 12% in 24 Hours
According to ChainCatcher, Polymarket's prediction market contract for WTI crude oil reaching $105 in May 2026 hit 66% probability, up 12% in the past 24 hours. The contract settles as "yes" if WTI futures' highest price in any 1-minute candle during May 2026 equals or exceeds $105, using
GateNews12m ago
Saudi Aramco Ramps Up Western Refinery Export Volumes on May 11
According to media reports, Saudi Aramco is ramping up export volumes from its western refinery on May 11.
GateNews15m ago
International Crude Oil Extends Gains; WTI Up Nearly 2%, Brent Up Over 2% Today
According to Golden Ten Futures, international crude oil prices extended gains today, with WTI crude rising nearly 2% and Brent crude up more than 2%.
GateNews23m ago
Saudi Aramco CEO Forecasts 700,000-900,000 Barrels Daily Oil Demand Growth in 2026
Saudi Aramco CEO Amin Nasser forecasted on May 11 that oil demand growth in 2026 will reach between 700,000 and 900,000 barrels per day, citing multiple projections reviewed by the company.
GateNews29m ago
Saudi Aramco Produced 10.26M Barrels of Oil Equivalent Daily in Q1 2026
Saudi Aramco CEO Nasser Al-Dosari said the company produced an average of 10.26 million barrels of oil equivalent per day during the first quarter of 2026.
GateNews45m ago
