Saudi Aramco CEO says there is a disruption of around 180mln barrels so far; there are no problems related to storage capacity locally or internationally; CEO declines to comment on current oil production levels
- "We will operate the East-West Pipeline at full capacity within two days"
- Have 2mln BPD of spare capacity, so if there are any shutdowns amid the current situation, bringing that spare capacity back will take a matter of days.
Context
The CEO of Saudi Aramco highlights a significant disruption in oil availability, which could add pressure to prices in the near term. However, the assurance of rapid restoration of capacity suggests that the supply impacts may be short-lived, mitigating long-term concerns. Market participants should monitor any developments closely, as geopolitical tensions could still influence price volatility.
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