RIYADH, May 10 (Xinhua) — Saudi Arabian Oil Company (Saudi Aramco) President and CEO Amin Nasser said on the 10th that global oil supply has decreased by approximately 1 billion barrels over the past two months. According to the financial report released by Saudi Aramco on the same day, the company’s net profit in the first quarter of this year increased by about 26% year-on-year.
Nasser said in a media interview on the same day that even if energy flows return to normal, the entire system will take some time to return to normal.
Saudi Aramco’s financial report shows that affected by energy price fluctuations caused by the war, the company’s net profit in the first quarter was 33.6 billion US dollars, an increase of about 26% compared with the same period last year.
The financial report pointed out that Saudi Aramco’s East-West Pipeline significantly increased its transmission capacity in the first quarter, reaching a maximum transmission volume of 7 million barrels per day, ensuring Saudi Arabia’s oil exports along the Red Sea coast.
Saudi Aramco stated that the East-West Pipeline is an important supply artery, helping to alleviate the global energy shock and providing certain guarantees for customers affected by shipping restrictions in the Strait of Hormuz.
