Aramco CEO: Strait of Hormuz closure would be the biggest oil shock in history

Al Arabiya - Amin Nasser, Chairman and Chief Executive Officer of Saudi Aramco, said the world has faced the largest oil supply shock in history, and that the impact of the Strait crisis is not limited to global oil supplies but extends to global food security. He emphasized that Aramco benefited from the company’s operational infrastructure and the rerouting of supplies, noting that it possesses multiple export outlets and alternatives beyond the Arabian Gulf and the Red Sea.

Nasser stated that the company continued to deliver strong operational performance during the second quarter, leveraging its high readiness and the efficiency of its workforce, which directly reflected in its financial results despite the exceptional challenges faced by global energy markets.

In an interview with Al Arabiya Business, following the announcement of the company’s quarterly results, Nasser added that the geopolitical events in the region had a significant impact on oil markets. He pointed out that the closure of the Strait of Hormuz caused “the largest oil supply shock in history,” resulting in global markets losing more than 2.66 billion barrels of supplies from the beginning of the crisis until now.

Aramco’s financial results showed a 41.9 percent increase in net income attributable to shareholders in the second quarter of 2026, reaching SAR 121.51 billion ($32.40 billion), compared to SAR 85.63 billion ($22.84 billion) in the same quarter of 2025.

Adjusted net income stood at SAR 125.20 billion ($33.39 billion) for the second quarter of 2026. Revenues reached SAR 450.77 billion ($120.21 billion) in the second quarter of 2026, up 19 percent from SAR 378.83 billion ($101.02 billion) in the same quarter of 2025.

In a statement on the Saudi Exchange (Tadawul), the company said the Board of Directors approved total dividends amounting to $21.88 billion (SAR 82.06 billion).