Saudi Aramco CEO: Red Sea risks could lead to a tightening of the oil market

Sina Financial News Saudi oil giant Saudi Aramco CEO Amin Nasser said that although the Houthi long-term attacks on ships will lead to a shortage of oil tankers, oil tanker detours, longer sailing times, and supply delays, the global oil market will cope with the challenge of the disruption of the Red Sea route in the short term. He expects the oil market to tighten. Consumers have depleted 400 million barrels of crude oil inventories over the past two years, making OPEC's spare capacity the main source of additional supply to meet rising demand.