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<Commodity>Saudi Aramco CEO: If Shipping Through Strait of Hormuz Remains Blocked, Oil Mkt to Face Catastrophic Consequences
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If the Iran war continues to disrupt shipping in the Strait of Hormuz, the global oil market will face catastrophic consequences, Saudi Aramco's CEO, Amin Nasser, said. This war has not only disrupts the shipping and insurance industries but could also have severe ripple effects on aviation, agriculture, auto and other sectors. Global oil inventories are at a five-year low, and the current crisis will lead to a faster decline in inventories, Nasser added. The longer the disruption persists, the more severe the consequences for the global economy. He believed that the most crucial task now is to resume shipping in the strait. AASTOCKS Financial News Website: www.aastocks.com |
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