Will have catastrophic consequences for global oil markets: Saudi Aramco CEO

POBNEWS24, Desk report, Mar 10, 2026 : The ongoing war with Iran could have “catastrophic consequences” for the global oil market, Amin Nasser, the chief executive of the world’s largest state-owned oil and gas company, Saudi Aramco, has warned.
Amin Nasser made the comments during an earnings call on Tuesday (March 10).
Amin Nasser said the war would create a severe chain reaction and a “large domino effect” beyond shipping, affecting industries including aviation, agriculture, automobiles and others.
“It will have catastrophic consequences for the global oil market. The longer this instability lasts, the more severe its impact on the global economy will be. This war is the “biggest crisis” for the Gulf oil and gas industry so far,” he said.
“Most of the world’s excess oil production capacity is concentrated in this region,” he said. “Therefore, it is very important that shipping traffic through the Strait of Hormuz resumes.”